Steven Cooper, the CEO of Bigger Entertainment, believes that community-led efforts can help Shiba Inu SHIB/USD reach a price of $0.01.
What Happened: Cooper, who organizes regular SHIB burning events through Bigger Entertainment, told his Twitter Inc TWTR followers on Monday that the meme-based cryptocurrency could reach a “groundbreaking” price target.
“This is something that is groundbreaking and has never been done. This is why we're so adamant about rallying support and getting people to see the vision early. A true entertainment ecosystem could burn in the millions of dollars per month,” he added.
In December 2021, Bigger Entertainment burned 176 million SHIB by selling $5 tickets to a SHIB Burn Christmas Party with a pledge to destroy the equivalent value in SHIB tokens.
In November, the Shiba Inu community burned 2 billion SHIB tokens by way of Bigger Entertainment’s Spotify Technology SA SPOT playlist and purchases from Shiba Coffee Company.
Burning tokens refers to the process of sending the assets to a “dead wallet” and effectively removing them from circulation forever. For Shiba Inu holders, this method has become a way to take matters into their own hands regarding SHIB’s price appreciation.
According to data from Shibburn, 1.3 billion SHIB tokens were burned in the month of January through a series of 23 transactions.
The next major SHIB burn is scheduled for Feb. 14 when Bigger Entertainment is hosting the next “burn party.”
Price Action: At press time, SHIB was trading at $0.00002173, up 0.98% in the last 24 hours.
Photo by Jaycee Xie on Unsplash
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