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- In a Twitter announcement, Steven Cooper, the head of the major SHIB burner Bigger Entertainment, disclosed that since October last year, the SHIB army has taken out over a quarter of a trillion Shiba Inu meme coins.
- The sum equals approximately $6.3 million, as per the current SHIB/USD exchange rate.
- Further, it was revealed that around two billion meme tokens from that amount had been burnt in just 48 hours.
Steven Cooper, who heads the major SHIB burner Bigger Entertainment, announced via a Tweet that the SHIB army has taken out over a quarter of a trillion Shiba Inu meme coins since late October last year. The admirers of Shiba Inu called themselves The SHIB Army.
According to the current SHIB/USD exchange rate, the sum is equivalent to more than $6.3 million. Earlier this week, it was reported that in the span of just 48 hours, over two billion meme tokens from that amount had been burnt.
By destroying more than one billion SHIB since mid-fall last year, Bigger Entertainment has played an active role in these burns. They conducted two previous burn parties on December 26 and February 14.
Now, a leading cryptocurrency, Shiba Inu, was initially released as a joke. Cut to the present; it has taken the crypto world by storm.
In its initial days only, SHIB was given the nickname “Dogecoin Killer,” calling it a threat to the position of Dogecoin. Those speculations weren’t wrong, as the popular meme coin surpassed the market cap of DOGE on October 27, 2021.
Many crypto experts attribute the popularity of the meme currency to the speculations around it instead of the technical upgrades. The SHIB Army also never shied away from promoting their favorite cryptocurrency on social media sites. Tesla CEO Elon Musk also lent his support to the meme currency.
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However, others believe ShibaSwap is the reason behind the growth of the coin. ShibaSwap is a decentralized exchange that soon got popular among investors, and they held it for a long time in the hope of exceptional yields.
Another reason behind the coin’s popularity is its listing on various exchanges in September 2021. The Shiba Army then demanded Robinhood to list the coin too. In the following month, however, the price of the coin increased by 600% since Tesla CEO posted an image of the Shiba Inu dog on his Twitter account.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
