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Burning of access tokens create scarcity and ultimately increase the worth of cryptocurrency; it becomes crucial for Shiba Inu token like crypto
Undoubtedly, Shiba Inu has its problems to deal with in order to stay relevant; among such issues is its supply. There are approximately 590 trillion SHIB tokens, which might not be a concern initially since it was a meme coin, and everything was taken in humor. Still, as the token gained popularity, its community grew larger and more reliable, so serious steps were started taken in order to keep the community-driven token to new heights.
The SHIB army took major steps, including creating its metaverse to expand, burning SHIB tokens to make it more valuable, etc. The community continuously moved large amounts of Shiba Inu to dead wallets in order to burn them. This time it almost burnt 100 million crypto tokens.
Meanwhile, another news broke out about a major business-related to SHIB burning that inspired a lot of other initiatives related to token burn and announced it’s selling out of SHIBs and quitting its Shiba Inu campaign. Twitter user goes by the title shibburn, which shares data regularly on its website about SHIB burns tweeted on 2nd April about burning a total of 95 million meme cryptocurrency tokens sent to a dead wallet address and locked up there.
Chief Executive of Bigger Entertainment StevenCooper has announced on Twitter that he and his team of Big Entertainment, who has burned more than a billion Shiba Inu tokens since October, have now called out to quits and shutting down its campaign-related to SHIB burn.
Cooper referred to the recent developments as a reason for this radical step. Initially, this year, a Big Entertainment executive announced on Twitter about an initiative in which they would burn SHIB and was seeking tickets to youtube live to burn parties for $5. The notion faced negative reactions all over from the SHIB army, and they started getting accused of being said to be a scam.
Cooper revealed in his tweet that they would conduct the pending burn of SHIB tokens. He stressed that his statement should not be treated as an April Fool joke. However, some people in the comment of his thread think of it as a joke as there is nothing related to SHIB, and its token burning has been removed from the company’s official website.
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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.
