Shiba Coffee Allocates 10% of Profits to Shiba Inu Token Burn

The Shiba Coffee Company is spending around 10% of its profits to both acquire and burn Shiba Inu tokens. A representative for the company confirmed in an interview with Planet Crypto that it is planning to permanently destroy Shiba Inu tokens, completing their “buy and burn” transactions every month. This news comes on the heels of AMC Entertainment ($AMC@US) saying that it will accept Shiba Inu tokens as a form of payment. For its part, Shiba Inu doesn’t want to be called a meme coin because it feels it has “real utility” that can be evidenced by all the activity around it, including its new exchange, known as ShibaSwap, and NFT marketplace. As the news broke, Shinba Inu was up 0.7%, inching back to its 24-hour high.