In order to reduce the circulating supply of Shiba Inu tokens, a percentage of the cryptocurrency needs to be sent to a designated wallet, where they will be inaccessible for anyone. The address is also known as “dead wallet.”
More parties are joining to burn a whole lot of Shiba Inu (SHIB) along with Bigger Entertainment, a crypto label firm founded by Steven Cooper, which has been in the SHIB burning business since late last year.
Read Also: Bigger Entertainment Founder Highlights How Shiba Inu Community Could Quickly Burn 1 Trillion SHIB
A certain amount of SHIB tokens are burned on a daily basis. The aim is to boost the price of SHIB up to $0.01, according to Bigger Entertainment founder.
In an announcement on Twitter a couple of hours ago, LaborX.com, the biggest crypto freelance jobs platform, stated that it will start its SHIB burning exercise with the launch of a $2,000 giveaway for the Shiba Inu community.
The firm requested the ideas of the community members about the burn mechanism to be introduced in partnership Shiba team. According to the firm, five users will earn $400 each from the exercise.
LaborX tweeted, “SHIB is coming to LaborX.com! To welcome our feline fans, we will organize a giveaway campaign for the Shib community. $2,000 in SHIB will be awarded for the best ideas for a cooperation between LaborX and Shib team.
“That could be a burn mechanism or user rewards in SHIB for every completed task. Comment your idea. Five winners will receive $400 each. Comments with ideas that get the most likes will be considered for the prize money.”
A couple of days ago, Steven Cooper, the founder of Bigger Entertainment, announced that the company is ending sales of SHIB burn party tickets.
According to cooper, the decision was taken to protect the company’s reputation. He pointed out that a new creative way to continue with the burning without selling burn tickets will be strategized. He added that the company is still fully part of the SHIB Army.
Steven Cooper announced, “Sorry, had to remove the last post. Bigger Entertainment WILL still be burning, WILL still host burn parties, etc. We simply won’t be doing burn tickets anymore. We’ll find new and creative ways to do the burn party where we aren’t managing the money and protecting our reputation.
We are still #shib and #shibarmy 100% and aren’t going anywhere. Just transitioning and restructuring to better serve the community and offer more transparency.”
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