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:
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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