A large account dedicated to SHIB announced that it plans to double its SHIB burn rate over the next two months
Steven Cooper, owner of Bigger Entertainment, the first crypto record label, who accepts SHIB for music, merch, tickets to events and NFTs and then burns these coins, has tweeted that over the next sixty days, his team expects to double their SHIB burn rate.
SHIB is burned during the “burn party”, the next one will take place on Boxing Day, December 26th. Cooper added that his team were looking for new ways to burn SHIB, saying they were really “just getting started.”
Earlier this week, Cooper tweeted that his team would burn one billion Shiba Inu tokens on December 13 if 7,500 SHIB holders spent $5 at Bigger Entertainment to buy a ticket to the “burn party”. On Monday, December 13, the raised amount of funds was 13 percent from the total sum.
Cooper also tweeted that in December so far his team had burned 7 million SHIBs. According to etherscan, 7,039,297.46717959 SHIB tokens were sent to a null address 0xmort000000000000000042069420694206942069.
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. Often it contributes to a rise of the coin’s price. However, despite getting 2 billion SHIB burned in November by the community, the token keeps trading in the $0.000032 range.
