One of the firms that began liquidating the Shiba Inu supply last year destroyed almost 103 million coins in only one transaction.
When the @shibburn Twitter account announced that 103.2 million Shiba Inu had been destroyed in a single transfer, Bigger Entertainment owner Steven Cooper stated that his company had destroyed these meme coins.
Bigger Entertainment is a crypto record company that asks musicians to give 20% of their income to purchase the meme coins that will subsequently be burnt. The firm also offers NFTs, souvenirs, and concert tickets. Part of the earnings from all of this go into purchasing the meme coins in order to destroy them.
This firm began its burn campaign in October 2021. Since then, they have burnt about one billion coins in addition to the previously reported 103.2 million.
However, according to etherscan statistics, about 150 million meme coins have been destroyed in the last five days. By now, 410.3 trillion of these coins have been burnt — 41.03007% of the entire SHIB supply, which was initially one quadrillion.
Several other companies have joined the burn campaign. Shiba Coffee Company is one of them. This coffee-shipping company contributes to the meme coins ecosystem by purchasing the meme coins with 100% of its income and burning 10% of its purchases.
Vibe Maquillage, a cosmetics brand, loses 15% of its revenues in SHIB made from sales.
Other firms include Markilen, Precious Paws, Cryptoon Network, and more.
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