SHIB is one of the most rapidly growing crypto assets in the industry that began as a joke. Over the last year, the cryptocurrency has made many of its investors billionaires. Moreover, with a robust community, the project has found its true utility and witnessed notable adoption. Last year, when Shiba Inu hit its new all-time high, we observed that the tokens burn was one of the major price boosting factors. Simultaneously, crypto burner creator believes that this week, the meme-coin community would see a billion tokens being burned.
How would a SHIB burn be achieved?
Steven Cooper, the founder and CEO of Bigger Entertainment has taken to Twitter to share with the Shiba Inu community about the token burning. In the tweet thread, he explained to the community how a billion of SHIB tokens will be burned this week.
- ການໂຄສະນາ -
The crypto burner campaign creator explained that more than 131 million Shiba Inu coins have been sent directly to a dead wallet. Among the total tokens, 240 million of the tokens will be burned during the Valentine’s Day burn party, while Bricks Buster intends to conduct a massive burn this week. Notably, the mobile application is set to burn 500 million tokens.
Businesses contributing to burn Shiba Inu
According to reports, nine businesses have teamed up in the SHIB burn pledge. The scenario highlights that numerous businesses are contributing to burn Shiba Inu tokens alongside Bigger Entertainment.
Shiba Inu continues to burn
According to data unveiled by Shibburn’s official Twitter page, over the past day, more than 38 million SHIB tokens have been burned in 17 transactions. Meanwhile, after a few hours, more than three million tokens were burned. Indeed, the overall case brought the present total burning to more than 41.51 million SHIB from the circulating supply.
Shiba Inu whales continues accumulation
Ahead of the massive burning event, SHIB whales have continued to accumulate more tokens. According to a latest report published by WhaleStats, it is noted that the largest BNB whale among the 1k BSC wallets it tracks has made an acquisition of 139,929,254,883 tokens which is worth about $4,232,859.
However, in the longer timeframe a burn triggers a reduction in supply and might fuel a bullish narrative for the meme-coins price.
Source: https://www.thecoinrepublic.com/2022/02/14/shib-community-would-witness-a-billion-tokens-burn-this-week/