Key takeaways:
- The first crypto record label Bigger Entertainment will increase the rate at which it burns SHIB tokens
- SHIB has outgrown its “memecoin origins” as the team tries to establish Shiba Inu as a reliable DeFi and NFT ecosystem
- The number of SHIB holders has exceeded 1 million in just 16 months since its inception
Few cryptocurrency projects enjoy as much community support as Shiba Inu (SHIB), whose proponents often refer to themselves as the “Shib army” on social media. Roughly 16 months since its inception, the amount of people holding SHIB has reached a significant milestone – the Shib army now counts more than 1 million members, according to data from CoinCheckup.
Crypto record label Bigger Entertainment will double the rate at which SHIB holdings are burned in the next 60 days
Along with the monumental achievement of surpassing 1 million holders, the Dogecoin-inspired token’s utility keeps increasing. Although it was first conceived as a memecoin, which rose to prominence due to the unprecedented price growth throughout 2021, the Shiba Inu team has made its intentions of expanding the Shiba Inu ecosystem abundantly clear over recent months.
The team is working hard on establishing Shiba as a reliable DeFi and NFT platform. In pursuit of these efforts, SHIB staking functionality, DEX platform, and “Shiboshi” NFTs have been launched in recent months. Additionally, a partnership with video game creator and former Activision VP for Tech David Volk has been struck, to develop the first play-to-earn (P2E) Shiba Inu NFT game.
The meteoric rise of SHIB was in large part driven by the underlying token burning mechanics, which is designed to decrease the supply of SHIB and create an inflationary pressure through the basic supply and demand dynamics. The next SHIB burn event is slated for December 26.
Along with scheduled token burns, dubbed “burn parties”, individuals can also participate in removing SHIB from circulation at their own volition. One of the most notable instances of this is the first crypto record label Bigger Entertainment’s token burn project.
Bigger Entertainment uses a part of its music playing royalties to buy SHIB and immediately sends it to a dead wallet, effectively destroying it in the process. According to the firm’s owner, Steven Cooper, the rate at which the record label company burns SHIB “should double over the next 60 days.”
Cooper also tweeted that the company destroyed more than 639 million tokens since October 20 by sending them to a null address.
While SHIB has been facing considerable bearish trading activity over the past month and losing more than 37% of its value in the process, SHIB is still by far the largest gainer of 2021, currently up more than 38 million percent year-to-date (YTD).
