Another large stash of Shiba Inu is sent for burning to a non-spendable wallet, with 1.5 million more tokens expected to follow soon.
Steven Cooper, owner of crypto music company Bigger Entertainment, took to Twitter to announce that the project team has again burned a large amount of Shiba Inu tokens (2.5 million), noting that another 1.5 million SHIB are also waiting to be taken out of circulation.
Another 2.5 Million #shib burned + 1.5 million in playlist additions. Bringing our total burned to 884,983,100 SHIB since launching our campaign on Oct. 20th. We still have some big announcements coming. 🙂
Etherscan: https://t.co/iLstOJgTdc
— Steven Cooper (@iamstevencooper) December 29, 2021
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.
884.9 Million Shiba Inu Destroyed Since Mid-Autumn
Cooper shared an etherscan link in his tweet, documenting the destruction of 2.5 million SHIBs.
A few days ago, on December 26 (Boxing Day in some countries), the company held a pre-scheduled “burning party,” during which 239,600,144 tokens were sent to an empty address. This massive amount, together with the 2.5 million mentioned, is only a small part of the total of 884,983,100 SHIB eliminated by the project since October 20.
The head of the project didn’t forget to promise that bigger announcements about future SHIB burns will be posted soon on his Twitter page.
Over 3 Billion SHIB Burned This Month
As previously reported by KoinFinans, this month has been a “legendary” month for the Shiba Inu, both in terms of burned SHIB tokens and listing news. According to a tweet this month by “SHIBtyme,” a SHIB-focused Twitter user, the SHIB community has eliminated 1,943,391,652 tokens.
According to the data provided by Etherscan, in addition to the aforementioned 242.5 million, 370.4 million SHIB were burned on December 26-27 and 706 million SHIB on December 23 by the SHIB community. All of these together make up the 1.3 billion tokens. As a result, approximately 3.3 billion SHIB were sent to an address that was dead in December.
Another 2.9 Billion SHIB Will Be Burned
Steven Cooper of Bigger Entertainment revealed that his team plans to burn another $100,000 worth of SHIBs, but did not go into further details. This means that another 2,944,640,753 Shiba Inu tokens will be burned.
The manager also revealed that his team is developing the SHIB Fitness app and promised to announce partnerships that will help them develop the app soon.
Together, we’re going to burn $100,000 in #shib while simultaneously building the ultimate crypto music game. We know this campaign isn’t for everyone, but for the community that trusts & believes in what we’re building, this is for you! Learn more at https://t.co/X4gsvL0ww4
— Steven Cooper (@iamstevencooper) December 30, 2021
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.