shiba inu Bigger Entertainment CEO Steven Cooper, who organized the burning process for the company, announced the target of the amount of tokens that should be burned with the help of the SHIB community in his post on Twitter.
“10 Percent Token Burn Must Take place for Shiba Inu Developers to Participate”
Steven Cooper said that some things needed to be clarified before he announced the new SHIB party that was burned in his post.
Cooper, the burns they performed altcoin He claimed that it was done not to pump its price, but to reduce the amount of tokens in circulation.
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 famous CEO said that in order to reduce the supply of the meme token, the first goal of the SHIB community should be to burn 10% of the circulating amount of the token.
After that, Cooper stated that after 10% of the circulation is burned, the Shiba Inu developer team will also step in and he hopes that the amount of tokens burned will reach up to 20% of the total circulation.
The final burning process by Bigger Entertainment was broadcast live on YouTube on December 26 and February 14.
About 54 Million Tokens Burned in 24 Hours
Shibburn, an account that follows Shiba Inu token burnings on Twitter, reported that the SHIB community managed to burn approximately 54 million tokens in a short time.
On October 28, 2021, SHIB managed to break its own all-time high price record, climbing up to $ 0.00008845. Currently, the altcoin price is about 70% below this record.
*Not investment advice.