Welly Joins Shiba Inu Burning Bandwagon
An Italian fast food restaurant is going to burn SHIB tokens
Welly, a Shiba Inu-themed burger chain, has confirmed that it will burn SHIB tokens.
The Naples-based company will withdraw tokens from circulation “in various ways”. They include burning an undisclosed percentage of net profit.
Welly says it will reveal more details about its plan to increase the scarcity of the Shiba Inu cryptocurrency at an upcoming ask-me-anything session.
Before that, the company announced that it would be distributing a portion of its profits to the holders of its non-fungible tokens released earlier this year.
As previously announced, its customers will also be able to make business decisions, such as rewards and expansion plans, by voting through a decentralized autonomous organization.
In early February, the Italian fast food restaurant performed a complete rebranding after collaborating with the Shiba Inu team.
Last week, U.Today reported that Welly had already received about 300 franchise applications.
Earlier this April, Welly said it would “actively participate” in the Shiba Inu combustion process, but was hesitant about details.
NOWpayments, a non-custodial cryptocurrency payment gateway, recently introduced a mechanism that allows merchants to burn off some of their profits.
Welly, Sorbillos and other merchants have already partnered with NOWpayments to receive payments in Shiba Inu.
As reported by U.Today, the Shiba Inu team recently launched a brand portal that allows SHIB holders to reduce the circulating stock of the token while generating passive income. The portal managed to burn more than 10 billion tokens during the first day.
SHIB is trading at $0.00002307 at the time of writing.