Both the Shiba Inu community and businesses are pushing the initiative of burning a percentage of SHIB’s circulating supply, to give room for a price rise up to $0.01. Such a price target for the digital token could sound ridiculous, but the community believes it’s achievable.
Nearly 250 Billion SHIB Burned by the Community
According to Steven Cooper, the founder of Bigger Entertainment, the Shiba Inu community members as a whole have jointly burned nearly 259 billion SHIB tokens.
Cooper made this known in a tweet on 10th February, adding that next week, another 1 billion SHIB tokens are expected to burn. He also commended the effort of the community as they jointly push towards reaching the set target.
Steven Cooper tweeted, “Almost 259 BILLION SHIB coins have been added to the dead wallet by the community as a whole. Next week we’ll burn over a BILLION more between all the burn initiatives going on. Don’t let anyone tell you you’re not doing great things here.”
Almost 259 BILLION #shib coins have been added to the dead wallet by the community as a whole. Next week we’ll burn over a BILLION more between all the burn initiatives going on. Don’t let anyone tell you you’re not doing great things here. #shibarmy
— Steven Cooper (@iamstevencooper) February 10, 2022
Shiba Inu Tokens Burn Should Drive Price Up To $0.01
According to Cooper in a tweet a couple of days ago, the Shiba Inu burning initiative could drive the price of SHIB up to $0.01.
He said in the tweet that the Shiba Inu community members could indirectly participate in the burning spree by just sharing music, YouTube vids, merch, NFTs, among others, to other crypto community members.
Steven Cooper noted:
“Our goal isn’t for shib holders to always burn their coins. Our goal is to spread music, YouTube vids, merch, NFT’s, etc to audiences outside of shib army. This is how we reach a .01. By building an ecosystem where people are burning w/o even knowing it. Through entertainment.
“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.”
The burn party initiated by Bigger Entertainment is scheduled to hold on 14th February, Valentine’s Day. Members of the Shiba Inu community who want to participate in the SHIB burning exercise are urged to buy a burn ticket worth $5.