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56.3 Million SHIB Burned in Past 24 Hours, While Big Burn Party Is Expected in One Week

Mon, 02/07/2022 - 12:58
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Yuri Molchan
Another scheduled SHIB burn party expected soon, while 56.3 million SHIB have been destroyed over past 24 hours
56.3 Million SHIB Burned in Past 24 Hours, While Big Burn Party Is Expected in One Week
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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.

"Largest SHIB burn party we've had yet"

Owner of the Bigger Entertainment crypto record label Steven Cooper has tweeted that the company needs to raise around $6,000—to sell 1,200 tickets at $5 each—to throw the largest SHIB burn party so far.

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 occurred on Dec. 26, when 239,600,144 tokens were incinerated.

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 head of the company tweeted that stimulating consumers (even those who are not familiar with crypto) to contribute to SHIB burns without realizing it by offering more products in the sphere of entertainment is the company's goal for this year. This way, he emphasized, the SHIB price can be pushed to $0.01.

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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 the initiators nine transactions to burn that large amount of tokens. By now, with these tokens removed from circulation, the amount of burned SHIB from the initial quadrillion emission totals 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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.