Developers of SHIB are creating more mechanisms to burn the token while the supply of Shiba Inu continues to shrink. The update related to the creation of a burning mechanism was shared by Steven Cooper on Twitter.
He is an owner of Bigger Entertainment, a Crypto record label that burns SHIB frequently in burning parties.
Every time a digital taken is burned, it is transferred to a dead wallet. No one can use or withdraw the token once it has been fully burned. This affects its overall supply and boosts the market value.
New Token Burn Mechanisms To Be Introduced
The burning of SHIB is apparently going to be a huge event. Steven Cooper has announced a burning party on Twitter. It has been scheduled for February 14, 2022, and people who hold an entry ticket can participate in the burning party.
Also promoted as Dogecoin Killer or canine currency, SHIB will successfully be burned on Valentine’s Day.
Steven Cooper is even encouraging the community to buy the tickets. People who have already bought the tickets are being asked to share the link with others to help them buy tickets.
These tickets are not free. One has to pay $5 to buy the ticket. Funds collected through the selling of the party ticket will be utilized to buy Shiba Inu tokens, which will then be burned in the party.
A new burning mechanism that is being worked upon is not the first that will be introduced in the world of Cryptocurrency. Some burning mechanisms are already in place. They have been responsible for burning around 2.5 billion Shiba Inu tokens since December 01, 2021.
Around 18,340,447 Shiba Inu tokens have been reportedly burned in the past 24 hours, and more than 110 million coins have been transferred to the dead wallet through various burning mechanisms.
These figures were reported by the official Twitter handle of @Shibburn, adding that more burning mechanisms were on their way.
Developers of Shiba Inu tokens are mainly targeting to burn two types of tokens with new mechanisms. These include Shiba Inu (SHIB) and Leash (LEASH), each carrying a monetary value of $25,000.
Shiba Inu tokens have previously been burned by Vitalik Buterin, the Founder of Ethereum. He was once transferred 50% of the total supply of SHIB, following which he burned some portion of it while donating the remaining portion to help India to recover from the Covid-19 pandemic.
Investors of Shiba Inu have appreciated the move of creating more burning mechanisms. The appreciation messages were shared on Twitter and Telegram. A lower supply of the token benefits its investors as the market price rises once a portion of the digital token is burned by the developers.
This is also important from the aspect of the entire community. The Shiba Inu community, also known as ShibArmy, has been working relentlessly to strengthen the value of SHIB. New burning mechanisms are sure to help the community achieve its objectives.
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