Bigger Entertainment CEO Stephen Cooper began burning altcoin in late October by sending coins to a non-existent address. He plans to reduce the cryptocurrencies supply by 868 million tokens by the end of the year
Steven Cooper, founder of the recording studio and music label Bigger Entertainment, said on Twitter that he and his team plan to burn 211.7 million Shiba Inu tokens ($8,000 at the current rate on December 24) on December 26. According to Cooper, after that, the total number of coins destroyed in the “meme” cryptocurrency network will increase to 868 million ($33,000).
Cooper’s community began burning Shiba Inu tokens in late October, sending them to a non-existent address. The tokens will be destroyed until the price of the altcoin exceeds $0.01.
Token burning is the destruction of a certain number of digital coins to reduce their issuance. This method is used to fight inflation and increase the value of cryptocurrency. All token burning transactions are recorded in the blockchain as a transaction. Therefore, anyone can verify that the coins have been destroyed.
On Dec. 24, the Shiba Inu token trades at $0.000038 and has a capitalization of $21.2 billion, according to CoinGecko. During the week, the altcoin gained 17%. In late October, the “meme” token renewed its all-time high above $0.000086. Since then, its value has fallen by 56%.
The post was written by Crypto Expert John Belford