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Bigger Entertainment CEO Stephen Cooper began burning altcoins in late October, sending coins to a non-existent address. By the end of the year, he plans to reduce the supply of cryptocurrency by 868 million tokens
The founder of the recording studio and music label Bigger Entertainment, Stephen Cooper, announced on Twitter that, together with his team, he plans to burn 211.7 million Shiba Inu tokens on December 26 ($ 8 thousand, taking into account the current exchange rate on December 24). According to Cooper, after that, the total number of destroyed coins in the network of the “meme” cryptocurrency will increase to 868 million ($ 33 thousand).
Cooper’s community began burning Shiba Inu tokens in late October, sending them to a non-existent address. The destruction of tokens will continue until the price of the altcoin exceeds $ 0.01.
Burning tokens is the destruction of a certain number of digital coins to reduce their emission. This method is used to combat inflation and increase the value of cryptocurrencies. All token burn operations are recorded on the blockchain as a transaction. Therefore, anyone can verify that the coins have been destroyed.
On December 24, the Shiba Inu token is trading at $ 0.000038, and its capitalization is $ 21.2 billion, according to CoinGecko. Over the week, altcoin has risen in price by 17%. At the end of October, the “meme” token renewed its all-time high above $ 0.000086. Since then, its value has dropped by 56%.
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