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Crypto Payments Processor Considers $SHIB Burning Mechanism, Adds $BABYDOGE Support
A cryptocurrency payments processor, FCF Pay, has expanded its support for tokens within the Shiba Inu ($SHIB) ecosystem and is considering adding a $SHIB burning mechanism, all at a time in which it listed rival meme-inspired cryptocurrency $BABYDOGE.
Himanshu S.
6:32 8th Jul, 2022
Altcoins

In a tweet, the cryptocurrency payments provider powered by French Connection Finance noted it expanded its support for SHIB ecosystem tokens after adding $BONE and $LEASH to its list of available payments options along with Shiba Inu’s native token.

The move means businesses can now accept payments via the cryptocurrency payments gateway in any of the tokens within the Shiba Inu ecosystem. Replying to a user’s tweet on burning SHIB tokens, a popular mechanism the cryptocurrency’s community uses to reduce its circulating supply, FCF Pay noted it was weighing the possibility of entering a burning program for merchants referred by the community.

The Shiba Inu community has been rallying to burn more tokens amid the recent cryptocurrency market downturn, as it’s seen as a “huge opportunity” to reduce the meme-inspired cryptocurrency’s circulating supply.

As the community rallied, over 320 million SHIB were burned in a single day according to Shiba Inu burn tracker Shibburn. The figure represents a 300% increase when compared to the day before, and was boosted by a single transaction burning around 150 million tokens.

ShibaSwap’s official burn portal, which was launched in April in a bid to further SHIB burns and distributes rewards for those who burn tokens, has seen 57.5 billion tokens get destroyed. The portal helped Shiba Inu’s burn rate explode.

While FCF Pay drew attention by mulling a SHIB token burning mechanism, which would see it join other projects including NOWPayments, it also drew attention on social media for adding support for rival meme-inspired cryptocurrency Baby Doge.

Baby Doge is a cryptocurrency created “by fans of the Doge Coin online community” that “seeks to impress his father by showing his new improved transaction speeds & adorableness.” It has donated over $400,000 to dog rescue organizations earlier this year thanks to the success of its non-fungible token collection.

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