Shiba Inu Coin (SHIB) hodlers can burn SHIB without destroying their own coins, by streaming a playlist on Spotify, YouTube, Tidal, or Deezer.
Steven Cooper, the co-owner of the music licensing and publishing group Bigger Entertainment, announced his company has created a playlist that will burn around 20 SHIB per song streamed. With 397 songs totaling 23 hours of music, a full playlist stream of ‘SHIB BURNER’ could burn 7940 SHIB.
Bigger Entertainment artists agreed to let the company 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.
Shiba Burning Heats Up
SHIB burning remains a key talking point within the ‘SHIBArmy’. With a circulating supply of nearly 500 trillion SHIB, a significant SHIB burn is needed if it wants to knock any more zeroes off its current price of $0.000027.
Initially, Cooper announced each stream would burn one SHIB, before increasing the rate after deeming this too small.
If SHIB continues to rise in price, the number of SHIB burned will also decrease, Cooper said.
The company has yet to burn any SHIB from the streams, with Cooper stating all burns will be published on the Bigger Entertainment website. The burns, which will occur monthly, can be verified by checking either of the SHIB burn addresses, too.
When asked whether this breaks Spotify’s terms of service, Cooper said:
We are not inflating streams, giving any sort of gift to a person, encouraging false streams, etc. We are simply marketing a playlist. Similar to if a playlist donated a portion of their proceeds to a charity. We simply chose to burn coins with it.
To burn $100,000 worth of SHIB, Bigger Entertainment would need to burn over 3.6 billion SHIB. This works out at around 181 million individual streams. At three minutes per song, this is over 1000 years’ worth of music.
$100,000 works out to only 0.0007% of SHIB’s current market cap. It will likely need to be a part of a wider effort from the Shiba community to make any significant impact.
Binance Smart Coin (BNB) is one of the largest coins implementing a burn to reduce its supply. Binance completes a burn every quarter that most recently removed 1,335,888 BNB worth $639,462,868 from circulation. Binance’s quarterly burns have destroyed over 16% of all BNB.
[Images: Executium/Pawel Czerwinsk/Unsplash]