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Usha Yadav
Apr 29, 2022
by Usha Yadav

Fast Food Chain Welly Confirms That Profits Will Be Used to Burn Shiba Inu

Welly Shiba Inu
Welly, the world's first Shiba Inu meme coin restaurant, has said that it will use a percentage of its profits and a portion of franchising fee money to burn SHIBA INU.

Welly confirmed it would burn the Shiba Inu token $SHIB in various ways, including a percentage of franchise fees received and a percentage of net earnings.

Earlier this month, the Naples-based fast-food chain announced that it would burn SHIB if a client used the cryptocurrency payment processor NOWPayments to complete a purchase. When Welly pretends to start burning is still unknown.

Since putting the franchise application form on its website, Welly has had "an unbelievable volume of requests, literally from worldwide." It wants to open a new flagship store in a "globally known metropolis" in the first quarter of 2023.

Welly's statement comes just days after the SHIB launched its burn page, which offers users token incentives. It's worth noting that they are permanently removed from circulation by sending tokens to a wallet from which they can never be recovered.

As per the public data,  the SHIB community has long supported token burning, removing 263 billion tokens from circulation between October 2021 and March 2022.

On the other hand, the burn portal rewards users who burn tokens with "burntSHIB" tokens, which can stake to acquire RYOSHI tokens, a separate SHIB token.

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Shiba-Inu shib token Fast Food Chain Welly
Fast Food Chain Welly Confirms That Profits Will Be Used to Burn Shiba Inu
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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