Steven Cooper, the founder of Bigger Entertainment, has announced that since the Shiba Inu community started the initiative to reduce the cryptocurrency’s total supply, billions of SHIBs have been burnt so far.
Announcing the development today on popular microblogging platform Twitter, Cooper noted that the entire Shiba Inu community had burned a total of 259 billion SHIBs.
“Almost 259 BILLION shib coins have been added to the dead wallet by the community as a whole,” Cooper tweeted in the early hours of today.
Not relenting on the progress made so far, Cooper announced further plans to see the Shiba Inu community burn an additional one billion SHIBs by next week when another burn party will be held.
“Next week, we’ll turn over a BILLION more between all the burn initiatives going on,” Cooper added.
Almost 259 BILLION #shib coins have been added to the dead wallet by the community as a whole. Next week we’ll burn over a BILLION more between all the burn initiatives going on. Don’t let anyone tell you you’re not doing great things here. #shibarmy
— Steven Cooper (@iamstevencooper) February 10, 2022
Cooper’s SHIB Burn Party
Cooper’s vision is to get the price of SHIB to $0.01, and the way he plans on doing this is to get the Shiba Inu community to send several units of the token into an inferno wallet.
Bigger Entertainment allows people to listen to playlists on its website and sell non-fungible tokens (NFTs), merchandise, and tickets to popular events.
Members of the Shiba Inu community who want to participate in the burning exercise are urged to join a burn party by purchasing a burn ticket worth $5
Cooper then uses part of the company’s revenue to buy SHIBs at intervals and send the purchased meme coin into a dead wallet streamed live on YouTube.
Since the burning exercise was launched in late October, Cooper and the Shiba Inu community have burned millions of SHIBs.
Last week, over 300 million SHIBs were burnt by the community to reduce the initial one quadrillion total supply.
It is worth noting that Cooper is not the only Shiba Inu enthusiast committed to reducing the total supply of the dog-themed cryptocurrency.
NOWPayments, a cryptocurrency payment gateway, also supports the burning program for SHIB tokens. The company, which enables businesses to accept SHIB as a payment method, noted that it would burn 3% of its profit earned from all Shiba Inu transactions.
Meanwhile, last year, the team behind the cryptocurrency gifted 50% of the token’s supply to Vitalik Buterin, Ethereum’s co-founder.
Buterin, who noted that he does not want to be the locus of power, sent 41% of the gift to a dead wallet while donating 50 trillion units of the SHIB to an Indian COVID-19 relief fund.
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