Another SHIB burning party slated for soon as 56.3 million SHIBs have been destroyed in the past 24 hours
Another large amount of SHIB has been sent to the “inferno” wallet in the past 24 hours. Meanwhile, the owner of a business that regularly burns SHIB meme tokens says that on Valentine’s Day, they may throw the largest burn party ever if they manage to raise more funds to buy SHIB with.
“The greatest SHIB party we’ve ever had”
Bigger Entertainment crypto record label owner Steven Cooper tweeted that the company needed to raise around $6,000 – to sell 1,200 tickets at $5 each – to host the biggest SHIB burning party yet.
The company allows listening to playlists on its website, as well as selling NFTs, merchandise and tickets to various events—to buy SHIB with part of the revenue and then burn it live on YouTube during burn parties that happen on a regular basis and are announced in advance.
The previous party was on December 26, when 239,600,144 tokens were cremated.
Pushing SHIB price to $0.01
The company started burning SHIB in late October and, since then, has sent a whopping 1,102,375,566 tokens to the dead wallet, removing them from circulation. Cooper also mentioned that Bigger Entertainment had inspired hundreds of other teams in the SHIB community to start burning tokens in order to reduce the initial supply of one quadrillion and push the price of the meme crypto far up.
Earlier, the company chief tweeted that stimulating consumers (even those unfamiliar with crypto) to contribute to SHIB burns without realizing it by offering more entertainment products is the company’s goal for this year. This way, he pointed out, the SHIB price can be pushed to $0.01.
56.3 million SHIB moved to dead wallet
Over the past 24 hours, a total of over 56.3 million Shiba Inu tokens have been incinerated by being moved to an unspendable SHIB address.
It took nine transactions for the initiators to burn this large amount of tokens. At present, with these tokens taken out of circulation, the amount of SHIB burned from the initial quadrillion issuance stands at 410,302,093,313,848 (41.03021%).
Shiba Inu is up 25%, surpassing Dogecoin
Over the past 24 hours, the second largest meme crypto, Shiba Inu, surged over 25%, getting back to the 14th spot on CoinmarketCap and gaining far more than DOGE, the original meme cryptocurrency.
SHIB is trading at $0.00002745 at press time.
