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SHIB Burn Rate to Double Next 60 Days: Details

News
Sat, 12/18/2021 - 16:00
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Yuri Molchan
A big account dedicated to SHIB has announced it expects to double its SHIB burn rate over next two months
SHIB Burn Rate to Double Next 60 Days: Details
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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 gets burned during “burn parties”, the upcoming one is to take place next day after Christmas, on December 26. Cooper added that his team are looking for new ways to burn SHIB, saying that they are truly “just getting started”.

Cooper also tweeted that in December so far his team had burned 7 million SHIB. According to etherscan, 7,039,297.46717959 SHIB tokens were sent to a null address 0xdead000000000000000042069420694206942069.

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.

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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.