Bigger Entertainment recently released a 2022 ‘Shiba Inu burn’ roadmap and now the CEO, Steven Cooper has revealed new burn mechanisms are going to be introduced. This was in response to a client “losing faith with the Devs.”
Twitter user wrote,
“Man you are doing a great job. But I am losing faith with the Devs. They are not doing anything to burn the tokens. Instead they are more interested in promoting leash and bone. They are diverting their focus.”
To which Cooper responded,
Cooper’s record label has been among the nine businesses that pledged to burn Shiba Inu. Cooper was promoting the burn event set to take off on the 14th of February.
As per the data provided by @worldofao, who creates the weekly Shiba burn wrap up, until the 18th of January a total of 2.57 billion tokens were burnt.
With over 428 million burned this week alone, the hold time has increased 400% since October 2021.
An additional 110 million tokens were moved to a dead wallet as per another Shiba Inu burn account,
As per a site dedicated to keeping track of the Shiba Inu burn, nearly 18.04 million tokens were burned in the past 24-hours, with a declining burn rate.
This burn mechanism has caused the circulating supply to reduce, but @shibburn reported an anomaly. As per its data, the supply was on the rise. @shibburn tweeted,
“If you’re freaking out about circulating supply on the site increasing, it’s because some people are taking out from what they staked in ShibaSwap, so it goes back into circulation. This number can go up or down, if more people stake then circulating supply goes down again.”
So, no worries there.
However, the coin is facing a slight price-related hiccup as the weekend begins. With Bitcoin plunging under $40,000 the value of Shiba Inu was also under 7% and was trading at $0.00002597.