Bigger Entertainment Fulfills Promise as Shiba Inu (SHIB) Burn Intensifies

Since May 2021, when Ethereum’s founder, Vitalik Buterin, burnt 410 trillion SHIB (or 41% of SHIB circulating supply)

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.

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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

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.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia