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A ‘burn’ after-party: Bigger Entertainment to burn 176 million SHIB post Christmas

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Steven Cooper, the owner of the label Bigger Entertainment, tweeted earlier today that a live burn party will take place on 26 December. It is where the record label plans to burn 176 million SHIB tokens to save gas fees on bulk burning.

Meanwhile, Cooper noted on Etherscan that another two million SHIB tokens have been burned. The estimate since 20 October comes to 641,382,956 tokens as per his tweet that is based on tokens burned by his company.

As per Cooper’s crypto label,

“Our playlists burn 20-100% based on project. Some stores burn more than others. The official list burns the most, with the instrumentals coming in 2nd. 1 listener – 8 hours = 3,000 #SHIB daily average.”

Meanwhile, he has been inviting the SHIB community to buy tickets to the burn party for $5. Earlier, he had also estimated that the SHIB burn rate under his label would double over the next 60 days.

That being said, as of 1 December, Shibburn estimated, a total of 41.02984% of SHIB tokens have been burned from the initial supply of one quadrillion.

It is fair to say that the ride has been bumpy for the market’s second-largest meme-coin in the last two months. A recent analysis noted that the alt lost over 60% of its value in that period. But, the coin has seen a price rise over the last day. At press time, SHIB gained 9.4% in 24 hours as per Coingecko, while hovering at a price of $0.00003533.

The project also has big plans around its Layer 2 solution.

As per ShibaSwap developer Eric M, Shib’s layer 2 solution Shibarium’s progress on Discord claims that it will be launching “soon.” He added,

“Those who trusted the project pre-swap were successful post-swap… A timeline is not needed when you trust a project. That’s how Shib has worked until now and will keep being like this.”

Furthermore, it is also worth noting that Australia-based CoinJar has announced today that it has listed SHIB among six new tokens as exchanges continue listing the meme coin.

Until then, a virtual battle continues to brew, between ‘Ask the Doctor’ and the Shiba Inu community as “the biggest scam in crypto.”

 

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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios
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