Steven Cooper, CEO of cryptocurrency entertainment firm Bigger Entertainment, has clarified in a tweet that the company is looking to support the community of the meme-inspired cryptocurrency Shiba Inu (SHIB) in burning 10% of its supply.
In a tweet, Cooper noted that before the start of the next SHIB burn party – events meant to help raise funds to burn tokens and effectively remove them from circulation – he wanted to make it clear these events aren’t meant to pump the cryptocurrency’s supply, but rather to reduce their supply.
Cooper added that even as 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 meme-inspired cryptocurrency’s supply and “hoping [the developer] team follows suit by focusing on 20% or more.”
Bigger Entertainment is one of nine businesses that have committed to using part of their profits to burn SHIB and reduce the cryptocurrency’s circulating supply. As CryptoGlobe reported, in early December only 59% of Shiba Inu’s initial supply was still in circulation, as a total of 410.29 trillion SHIB had been burned since the cryptocurrency was launched.
Initially, Shiba Inu has a total supply of one quadrillion tokens, but 50% of them were locked in a smart contract to provide liquidity on decentralized exchange Uniswap, while another half were sent to Ethereum co-founder Vitalik Buterin.
The Ethereum co-founder then grabbed around 90% of the SHIB tokens that were donated to him and burned them in a transaction that removed over 410 trillion SHIB from circulation. Since Buterin’s transaction, the community has engaged in new token burning initiatives, including burning tokens based on views to a playlist.
The companies that pledged to burn SHIB tokens using a share of their profit also include the Shiba Coffee Company, which also claims to invest all of its profits in the meme-inspired cryptocurrency, cosmetics company Vibe Maquillage, motherhood e-commerce platform Marklien, dog accessories website Precious Paws, and the Shiba Search platform.
As reported, the team behind SHIB announced last month it’s working on the launch of a token burning portal that is set to help the cryptocurrency’s community burn tokens.
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