Saturday, January 22, 2022

Shiba Inu (SHIB) Burn Rate to Double over the Next Sixty Days. Here’s Why

Steven Cooper, the owner of Bigger Entertainment, the first crypto record label, who accepts Shiba (SHIB) for music, merch, tickets to events and non-fungible tokens (NFTs) and then burns these coins, has stated that his team expects to double their SHIB burn rate over the next sixty days.

Shiba Inu (SHIB) gets burned during burn parties, the upcoming one is to take place on 26th December 2021. Cooper added that his team is looking for new ways to burn SHIB, saying that they are truly just getting started.

Read Also: Shiba Inu (SHIB) Now Supported By Newegg and Avalanche Bridge

Steven Cooper tweeted, “We’ve got some big surprises in store after our burn party. We are truly just getting started with all the ways to burn SHIB. Make sure you’re playing/sharing our artists. It’s the foundation of everything we’re building. Our burn rate should double over the next 60 days.”

Earlier this week, Cooper tweeted that his team would burn one billion SHIB tokens on 13th December if 7,500 SHIB holders spent $5 at Bigger Entertainment to buy a ticket to the “burn party”. On Monday, 13th December, the raised amount of funds was 13% of the total sum.

Cooper also tweeted that in December so far his team had burned 7 million SHIB. According to etherscan, 7,039,297.46717959 SHIB tokens were sent to a null address 0xdead000000000000000042069420694206942069.

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Read Also: New Data: World’s Biggest Ethereum Whales Keep Accumulating Shiba Inu (SHIB)

Earlier today, slightly over 2 million SHIB was sent to this address, i.e. burned, as well. When coins are burned, they are taken out of circulation permanently. It often contributes to the rise of the coin’s price. Howbeit, despite getting 2 billion SHIB burned in November by the community, the token keeps trading around $0.000032.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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