Bigger Entertainment, the first record label to burn tokens of popular meme coin Shiba Inu in exchange for music, merchandise, event tickets and NFTs, has announced that it will double its SHIB burns in the coming days. Company owner Steven Cooper reports that SHIB will be permanently removed from circulation during the “burning parties” on December 26. Cooper recently announced the preparations for the coin burn with the following tweet:
We have some big surprises after our burning party. We’re really just getting started with all the ways to burn SHIB. Be sure to play/share our artists. It is the foundation of everything we build. Our burning rate will double in the next 60 days.
7 million meme coins burned in December
Bigger Entertainment owner Steven Cooper also reported in December that his team has burned 7 million SHIBs so far. According to Etherscan, SHIB token 7.039.297.46717959 was sent to the blank address “0xdead000000000000000042069420694206942069”. More than 2 million SHIBs were sent to this address earlier today. When meme coins are burned, they are permanently removed from circulation. This is generally expected to contribute to a higher token’s price. However, despite 2 billion SHIB burned by the community in November, the Shiba Inu (SHIB) meme token continues to trade in the $0.0000314 range. By the way, cryptocoin.com As we reported, Shiba Inu has recently become one of the most sought-after cryptocurrencies on the Binance platform.
- At the time of writing, the Shiba Inu is trading at $0.00003132, down 1.96% in the last 24 hours and down 8.67% in the last 7 days.
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