In November, the Shiba Inu (CRYPTO: SHIB) community burned almost 2 billion SHIB tokens.
What Happened: At the time of publication Friday, Dogecoin (CRYPTO: DOGE) rival Shiba Inu had a market cap of more than $23 billion with a circulating supply of over 549 trillion tokens.
The rate at which new SHIB tokens are issued remains a key point of concern for holders who are particularly interested in seeing the memecoins’ price appreciate.
Some members of the community have taken it upon themselves to “burn” SHIB tokens and essentially remove some existing tokens out of circulation forever.
One such initiative was Bigger Entertainment’s Spotify Technology SA (NYSE:SPOT) playlist that burns 20 SHIB for every song streamed. The “SHIB BURNER” playlist has a total of 397 songs, which amounts to around 23 hours of music.
Bigger Entertainment artists have reportedly allowed the company use 20% of the royalties to buy and burn SHIB and hence take it out of circulation.
According to the company’s website, a total of 597 billion SHIB tokens have been burned to date.
Another company that centered its business model around burning Shiba Inu tokens was the Shiba Coffee Company that spends 10% of its profits to acquire and burn SHIB tokens.
Overall, data from ShibBurn shows that a total of 1,912,665,892 SHIB tokens was sent to the burn wallet in the month of November.
SHIB Price Action: Shiba Inu was trading at $0.00004225, gaining 1.95% in the last 24 hours, Friday at publication.
Photo by Charlotte Rush on Unsplash
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