9 businesses commit to the SHIB token burn initiative in 2022

As part of the Shiba Inu burn effort, 9 companies have decided to come together in order to burn a percentage of profits into the official SHIB burn wallet. Read the full article by Jordan Major “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Shib and Doge were two of the biggest gainers in 2021 and you could even argue that they were the catalysts for the mainstream attention crypto received this year. They were both added to every major crypto exchange, Coinbase, Gemini, and more because those CEOs saw the trading volume opportunity of something that quickly got name recognition.

One issue with Shib is that it has a max supply of 589,735,030,408,323 tokens according to Coinmarketcap. This has been brought up by the community of meme coin holders as they want to see some of the supply burned to increase the true utility and functionality of the projects. Since Shib has started its burn campaign on October 20, 2021, they have reportedly burned close to 900 million Shib. “Another 2.75 Million SHIB gone forever. Bringing our total burned to 889,483,100 since launching our campaign on Oct. 20th. We’re excited for what 2022 will bring!” said Steven Cooper, owner of Bigger Entertainment. This is his Crypto record label and even some of his musicians have agreed to put 20% of their royalties towards the burn.

So far there have been nine companies that are also contributing to the burning campaign and they are looking to gain more supporters in 2022. With all companies together the estimated amount of Shib burned in December was close to 2 billion tokens. It will be interesting to see if burning all these tokens affects the price in the near future. The entire market is not doing well recently so we may not see the immediate effects of the manufactured scarcity.