More wins for the Shiba Inu community as Newegg Commerce, a leading tech-focused North American e-retailer, announced it will start accepting Shiba Inu (SHIB) cryptocurrency as a form of payment and NOWPayments announced it has burnt over 43 million Shiba Inu coins.
Newegg announced the acceptance of Shiba Inu coin as payment just in time for the end of the year holiday. The official announcement was made on a grand scale with a massive digital out-of-home (DOOH) campaign which was displayed on The Reef, North America’s largest DOOH billboard.
Newegg commerce was part of the early adopters of Bitcoin when it partnered BitPay in 2014. The trend continued with the acceptance of Dogecoin as a payment method in the first quarter of 2021.
To further cement its position as one of the early adopters of digital assets in the crypto space, Newegg added SHIB to its growing list of cryptocurrencies accepted for payment.
“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies, through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com”, said Andrew Choi, Director of Brand Marketing at Newegg.
The new month ushered in more excitement for the Shiba Inu Community with NOWPayments burning 43,445,695 SHIB coins. The burnt coins were sent to a dead wallet removing over $2000 worth of Shiba Inu from circulation.
The initial goal of the company was to burn only 3 percent of profits generated from SHIB transactions, which would have summed up to only $12 worth of SHIB. However, the Shiba Inu community has been very active on platforms that announced they will burn a certain percentage of their profits. Some of the businesses burning SHIB were Bigger Entertainment, Bricks Buster mobile game and Shiba Coffee Company.
NOWPayment decision to increase total Shiba Inu coin burn was to “stay true to the SHIB ecosystem principles”, the company stated in one of its press releases. The company said it has now burnt a total of $2,059 worth of SHIB, mostly from its own fund and not only SHIB payments.
According to NOWPayments “This figure will rise with new upcoming burns – as more merchants sign up, and the ETH fees go down”. The company also said that the next Shiba Inu burn will happen at the end of the month.
The company is also working on the SHIB merchant directory, this will contain the list of all merchants that accept Shiba Inu as a payment method.
Explaining the company’s support for the meme coin, NOWPayments said “We share a global mission with the SHIB foundation, which is to bring cryptocurrencies into the world around us—mass adoption”.