Steven Cooper, CEO of cryptocurrency entertainment company Bigger Entertainment, clarified in a tweet that the company is looking to support the meme-inspired Shiba Inu (SHIB) cryptocurrency community by burning 10% of its supply.
In a tweet, Cooper noted that before the start of the next SHIB burn party – events intended to help raise funds to burn tokens and effectively remove them from circulation – he wanted to clarify that these events are not not intended to pump the supply of cryptocurrency. , but rather to reduce their supply.
Cooper added that even if the supply of SHIB drops, its price “may not change at all,” but added that as a community, the SHIBArmy is looking to reduce the supply of meme-inspired cryptocurrency and “hope [the developer] the team follows suit by focusing on 20% or more.
Bigger Entertainment is one of nine companies that have pledged to use a portion of their profits to burn SHIB and reduce the circulating supply of the cryptocurrency. As reported by CryptoGlobe, in early December only 59% of the original Shiba Inu supply was still in circulation, with a total of 410.29 trillion SHIBs having been burned since the cryptocurrency was launched.
Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them have been locked into a smart contract to provide liquidity on the decentralized exchange Uniswap, while another half have been sent to Ethereum co-founder Vitalik Buterin.
The Ethereum co-founder then grabbed around 90% of the SHIB tokens given to him and burned them in a transaction that removed over 410 trillion SHIB traffic. Since the Buterin transaction, the community has engaged in new token-burning initiatives, including token-burning based on playlist views.
Companies that have pledged to burn SHIB tokens using a share of their profits also include Shiba Coffee Company, which also claims to invest all of its profits in the meme-inspired cryptocurrency, cosmetics company Vibe Makeup, platform e-commerce platform Marklien, the dog accessories site Precious Paws and the Shiba Search platform.
As noted, the team behind SHIB announced last month that they were working on launching a token burning portal that should help the cryptocurrency community burn tokens.
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