176M Shiba Inu To Be Destroyed At SHIB Burn Christmas Party – Shiba Inu ($SHIB)

Bigger Entertainment, the company behind the Spotify Technology SA (NYSE:SPOT) playlist that burns Shiba Inu (CRYPTO: SHIB) tokens with every song streamed, has big plans for Christmas.

What Happened: In a Dec. 22 announcement, Bigger Entertainment’s CEO Steven Cooper said the company was on track to burn 176 million SHIB tokens at their Dec. 26 Christmas party.

A ticket to the SHIB burn party costs $5 and will correspond to the destruction of a specific amount of SHIB tokens.

“This saves gas fees instead of everyone doing separate burns,” said Cooper.

The SHIB Burn party will be live-streamed on YouTube so that viewers all over the world can watch SHIB being burned live on air.

“Artists have agreed to donate between 20%-100% of their royalties from stores to SHIB burns,” Bigger Entertainment claims on its website.

The SHIB burns will continue each month until the price of the meme-based cryptocurrency reaches $0.01.

See Also: Top 6 Altcoin Investments in 2021 • DeFi & NFTs

Why It Matters: Shiba Inu’s token issuance schedule has given rise to the massive amount of coins currently in circulation. As such, a number of community-led efforts to reduce the number of coins in circulation have come to fruition.

Earlier this month, Benzinga reported that close to 2 billion SHIB tokens had been sent to the Shiba Inu burn wallet in the month of November. The Dogecoin (CRYPTO: DOGE) rival had a circulating supply of 549 trillion tokens at the time of writing.

Price Action: As of Thursday morning, SHIB was trading at $0.00003611, up 1.50% in the last 24 hours.

Photo: Quantitatives.io on Unsplash

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