Since May 2021, when Ethereum’s founder, Vitalik Buterin, burned 410 trillion SHIB, which was approximately 41% of SHIB’s circulating supply, over 1030 separate token burns have taken place on the Shiba Inu network.
In an announcement made on December 22nd, Steven Cooper, the CEO of Bigger Entertainment, a music publishing group popular for holding the first crypto based record label, said that the company would be burning 176 million SHIB tokens during their December 26th Christmas party.
To enter the party, members of the Shiba Army bought a burn ticket for $5. By pooling together their resources, Bigger Entertainment saved the extra gas fees that would have otherwise been needed for each individual to perform their burn.
On December 26th, it was announced that 239 Million Shiba Inu tokens, 100% of the amount raised, worth approximately $9,000 USD, were burned at the party. The SHIB burn itself was streamed live to the Shiba Army.
According to Cooper, Shiba Inu token burns will continue each month until the price of SHIB hits $0.01. In total, over 14.5 billion SHIB tokens have been burned since Buterin’s initial burn. For 2022, Bigger Entertainment has released a SHIB burning event schedule as follows:
- Valentine’s Day Campaign (SHIB Lovers Merch Drop): January 14th – February 14th
- The SHIB Superburn (Superbowl Week Event): February 7th – February 13th
- NFT Madness (March Madness Event): March 13th – April 4th
On the Flipside
- Shiba Inu has been involved in major fallout with one of its major influencers, Ask the Doctor. Shiba Inu is currently facing a lawsuit from the Online Canadian healthcare company who have slammed the meme coin for being a scam.
Why You Should Care
Over time, the deflationary mechanism adopted by Shiba Inu is predicted to increase the scarcity of SHIB, leading to a price rise.