The Shiba Inu Coin hodlers (quotation SHIB) can burn SHIB without destroying their own coins, by streaming a playlist on Spotify, YouTube, Tidal or Deezer.
Steven Cooper, the co-owner of music licensing and publishing group Bigger Entertainment, announced that his company has created a playlist that will burn approximately 20 SHIBs per song aired. With 397 songs for a total of 23 hours of music, a full playlist stream of “SHIB BURNER” could burn 7940 SHIB.
Bigger Entertainment's artists have agreed to allow the company to use up to 20% of the royalties to buy - and then burn - SHIB, taking it out of circulation. Cooper wants to burn at least $ 100.000 in SHIB from the playlist. Lots of people have been looking for it lately how to buy Shiba Inu.
Shiba Burning starts!
SHIB burning remains a key discussion point within "SHIBArmy". With an outstanding supply of nearly 500 trillion SHIB, significant SHIB consumption is required if more zeros are to be eliminated from its current price of $ 0,000027.
Initially, Cooper announced that each stream would burn a SHIB, before increasing the speed after deeming it too small.
If SHIB continues to rise in price, the number of SHIBs burned will also decrease, Cooper said.
The company hasn't burned any SHIBs from the streams yet, with Cooper stating that all burns will be posted on Bigger Entertainment's website. The burns, which will occur monthly, can be verified by also checking one of the burning SHIB addresses.
Asked if this breaks Spotify's terms of service, Cooper said:
“We are not pumping up streams, giving a person any kind of gift, encouraging fake streams, etc. We are simply marketing a playlist. As if a playlist donates a portion of its proceeds to a charity. We simply chose to burn coins with it ”.
It will either take a long time or other effort
To burn $ 100.000 worth of SHIBs, Bigger Entertainment would have to burn over 3,6 billion SHIBs. This means around 181 million individual flows. With three minutes per song, that's the value of over 1000 years of music.
$ 100.000 is only 0,0007% of SHIB's current market capitalization. It will likely have to be part of a much larger effort by the Shiba community to have a significant impact on the meme token price.
Binance Smart Coin (BNB) is one of the largest coins that implements a burning to reduce its supply. Binance completes a burn every quarter that recently removed 1.335.888 BNB worth $ 639.462.868 from circulation. Binance's quarterly burns destroyed over 16% of all BNBs.
While over 410 trillion SHIBs were burned, most of them came from Vitalik Buterin, who destroyed 90% of the SHIBs sent to him.