Shiba Inu (SHIB) The community continues to work relentlessly to increase the value of the meme coin by reducing the total supply of the cryptocurrency.
A total of 1.5 billion SHIB were burned in February as part of the community’s efforts to reduce the total supply of Shiba Inu from 1 quadrillion units. This means there has been a notable increase in burns compared to the 1.32 billion that were removed from circulation by the community last month.
1.5 billion SHIB burned in February
According to the tweet shared by the Twitter account of shibburn.com, a monitoring platform where the Shiba Inu community can track the amount of SHIB tokens burned, in February, SHIBArmy managed to destroy 1,495,356,204 Shiba Inu tokens, and the community made 252 transfers to achieve this.
Unlike other cryptocurrencies that have a burning mechanism to reduce the token supply, SHIB’s burn program requires major backers and members of the community to send certain amounts of cryptocurrency to a dead wallet.
What started out as a collective idea is largely spearheaded by Bigger Entertainment CEO Steven Cooper, who periodically burns SHIB tokens, using some of the company’s revenue to buy cryptocurrency and send it to dead addresses.
Cooper’s determination to reduce the total supply of Shiba Inu by incineration resulted in billions of SHIBs being burned in the process.
Unfortunately, Bigger Entertainment announced this month that it will be looking for a new way to reduce the total supply of the dog-themed cryptocurrency as the current method it uses has damaged its reputation. In a follow-up tweet, the CEO of Bigger Entertainment stated that they lost confidence because they failed to manage the money, but that they would still not stop hosting SHIB burning parties.
“We’re going to find new and creative ways to do burnouts in a way that we don’t manage the money and protect our reputation.”
The founder of the SHIB incineration company explains how many SHIBs need to be destroyed
Steven Cooper, CEO of Bigger Entertainment, which hosts regular SHIB burning parties, this time shared on Twitter to announce the target the SHIB community has set for themselves in terms of the amount of SHIB that should be burned.
Noting that this needs to be clarified before the next burning batch is announced, Cooper said in a tweet that the goal of the SHIB military’s burning efforts is to reduce the meme token supply by 10 percent.
He then stated that the community hopes that once 10 percent of the supply is taken out of circulation, the SHIB dev team will join them and eventually destroy the team by twenty percent or more.
Before we announce the next burn party I want to make this clear… This is not to pump, this is to reduce supply. #Shib price may not change at all. Our focus as a community is reducing 10% of supply together & hoping Dev team follows suit by focusing on 20% or more. #shibarmy
— Steven Cooper (@iamstevencooper) March 1, 2022
The two largest burning parties conducted live on YouTube by Bigger Entertainment were held on December 26 and February 14.