• Shiba Burn portal has destroyed over 17.5 billion SHIBs
  • The fast-food joint Shib will join Shiba Burn in destroying SHIB tokens
  • Shiba Inu was trading down 0.71 percent at $0.00002338

Shiba Inu developer Shytoshi Kusama is very vocal about his vision with the meme coin and just a couple of months after saying that "other burns" would be "revealed," Welly, a burger chain with a deep-rooted partnership with the digital token, has announced it will burn SHIB in different ways.

Following the successful launch of the new burning mechanism dubbed Shiba Burn portal, which has burned 17.5 billion tokens, Welly confirmed it is also burning SHIB tokens. "Well, we’ve arrived [at] our destination. Today we’re here to confirm it. The Welly company will burn $SHIB in different ways: percentage from the franchise fees, percentage from company net profits and many more," the official Twitter handle of the burger chain tweeted.

Unfortunately, there are no specifics yet on how the burn will be conducted. Considering the burger chain's partnership with non-custodial payment gateway NOWPayments, it now has a mechanism that allows merchants to burn some of their profits. More details about the "different ways" to burn SHIB on Welly's would be disclosed soon.

A representation of cryptocurrencies in this illustration taken, January 24, 2022.
A representation of cryptocurrencies in this illustration taken, January 24, 2022. Reuters / Dado Ruvic

Apart from participating in the Shib burning campaign of the SHIB Army, Welly revealed its plan on how it would boost the scarcity of the dog-themed meme token during the AMA on Twitter Space on Wednesday. This includes the opening of stores in various areas outside Naples.

In March, Shiba Inu lead developer SHytoshi Kusama underlined the importance of burning the meme coins boosting the token's value noting that "an increase in value comes from massive continual long term burns, and/or an increase in holders utilizing the token, and/or an increase in brand recognition."

Kusama also emphasized that, unlike cryptocurrency, Shiba Inu "burns through community efforts" and while the lead developer acknowledged that scammers use this unique quality of the token to "scam and create all types of schemes," he noted that "legit burn strategies exist and for core Shib products and projects, each will have burns inherent."

The lead developer also recently provided the release window of some of the initiatives being developed to boost the utility of Shiba Inu. This includes the possible launch of Shiba Inu Games sometime in September of this year and Shibarium Layer 2 in just "weeks or a few months away."

Shiba Inu was trading down 0.71 percent at $0.00002338 with a 24-hour volume trading down 20.46 percent at $579,772,479 as of 5:20 a.m. ET on Thursday based on the data from CoinMarketCap.