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.
We’re set to burn 176 Mil #shib & growing at our burn party Dec. 26th. We’re burning live. Lets give one final push #shibarmy! Buy a burn ticket on our website for $5. 100% burned. This saves gas fees instead of everyone doing separate burns.
Tickets: https://t.co/NPAZpWCspz
— Steven Cooper (@iamstevencooper) December 21, 2021
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.
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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
