Big Day for Shiba Inu (SHIB): Millions of SHIBs Will Be Burned!

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Since October, more than half a billion dollars have been created by this online project. shiba inu The coin was burned, the same project plans to destroy another 176 million coins in just four days.

Coin burn is a method used to keep the market value of crypto assets high and to try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin and the price skyrockets as a result.

The Shiba Inu community frequently engages in SHIB cremation. For the amount of SHIB tokens burned, the community follows a tracking platform, shibburn.com.

Steven Cooper, owner of crypto music company Bigger Entertainment, tweeted that his team plans to burn 176 million SHIB at its “burning party” later this month just after Christmas, and the amount could be even higher.

Besides that, Cooper shared a link for etherscan; this link shows that another two million SHIBs were burned, meaning they were sent to an empty address where the coins cannot be spent or withdrawn.

Source: etherscan

Shib Army Invited to Burn

Bigger Entertainment is known for being the first record label to accept SHIB as payment for merchandise, music, NFTs and event tickets.

The next event of the “burning party” that Cooper mentioned and which has been going on for a while will take place on December 26th. Earlier this month, the company executive invited the SHIB community to purchase $5 burning party tickets and said that the equivalent of the cash earned from the tickets will be burned again on December 26.

On December 13, when this tweet was published, Cooper wrote that if 7,500 SHIB holders each paid $5, the team could burn one billion Shiba Inu coins. That day, the team had reached 13 percent of the way to their goal. Just four days before the burn event, Bigger Entertainment team is preparing to burn 176 million SHIB.

Cooper is calling on the SHIB community to give the event one last round of support so that one billion coins can be destroyed. The Shib proponent emphasizes that burning as many coins as possible at once will save on Ethereum gas fees over multiple burns separately.

“We are ready to burn 176 million Shibs and grow at our burn party on December 26. We do live burning. Let’s make one last move, shibarmy.”

641 Million SHIB Tokens Burned

Steven Cooper also shared that his team has destroyed 641 million tokens so far since October, including the two million SHIB they burned 11 hours ago. Cooper shared a link to an etherscan page showing that two million SHIBs were sent to the null address 0xdead000000000000000042069420694206942069.

Previously, Cooper had promised that his team’s rate of SHIB burning would double in the next 60 days, as they were just starting to find new opportunities to cremate the Shiba Inu.

“Another 2 Million Shibs have been burned. This means we have burned a total of 641,382,956 tokens since October 20, when we launched our campaign.”

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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