It seems like Shiba Inu is getting ready to fly as more and more coins are being burnt by fans of the cryptocurrency. The whole memecoin craze has propelled Shiba Inu to become the darling cryptocurrency of Redditors and Twitter users.
Shiba Inu has generated massive returns for its investors this year. It rose over 30% in the last one week and continues to be a great ‘speculative’ investment for many.
Recently, the first ever Crypto Record label Bigger Entertainment promised the ShibArmy it would burn a big chunk of Shib supply on the day of Christmas and they have kept the word.
Christmas Shib Burn Party
The record label burn around 240 million from Shiba Inu supply. Termed as ‘burn party’, the ShibArmy celebrated as Bigger Entertainment acted as the messiah of the masses by burning millions of Shib from circulation.
The total worth of Shib coins burnt was a little over $9,000.
“And that’s a wrap!.. thank you to everyone in the #SHIBARMY for tuning in & watching! We were over 2,000 viewers deep! Hope you had as much fun as we did! Until next time! thank you #SHIBARMY”, Bigger Entertainment tweeted.
Burn Party 2022
If you’re not aware about Coin Burns, it is essentially the practice of destroying the coin so that it is not available for further and is wiped off the supplies. This is done by sending the coins to any forgotten or specialized wallets whose private keys are not accessible. This, in turn, removes the token from supply and helps boost the price of the cryptocurrency.
But guess what? This is not just it. The company is already planning the next burn party in 2022 and ShibArmy is more excited than ever.
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