Saturday, January 22, 2022

Nine Businesses Pledge to Burn Shiba Inu in 2022. Does It Mean SHIB Is Set For 2022 Price Move?

Nine businesses have pledged to team up for the Shiba Inu (SHIB) burn, an initiative that promises to burn a fixed percentage of profits or a dollar amount to the official SHIB burn wallet.

The Shiba Inu token burn seems to have continued its progress at a steady rate. On 3rd January, Steven Cooper, CEO of Bigger Entertainment, a crypto record label, shared news of the 2.75 million Shiba Inu token burn.

Read Also: SHIB Developer Shares Updates on Shibarium, the Shiba Inu Layer 2 Scaling Solution, Hints Big Surprise for Early 2022

Cooper announced that a total of 889,483,100 SHIB tokens has been burned since it announced its burn campaign on 20th October 2021.

Steven Cooper tweeted, “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!”

Read Also: Shiba Inu Launches Official Communication Portal, Adds 100,000 New Users within Weeks of Reaching 1 Million Milestone

Nine businesses Join SHIB Burn Pledge

In a major burn campaign, nine businesses have joined the SHIB Burn Pledge that promises to burn a fixed percentage of profits to the official SHIB burn wallet.

The following are businesses in the SHIB Burn pledge list:

  • Shiba Coffee Company – burning 10% of all profits
  • Bigger Entertainment – variable burn, with artists agreeing to donate 20% of royalties to burn SHIB
  • The Vibe Maquillage – cosmetics line burning 15% of all sales made in SHIB
  • Marklien – a high-quality knitted apparel store.  25% will be burned from all purchases using SHIB as a payment method.
  • Precious Paws – dog accessories and toys. 20% of profits will be burned.
  • Cryptoon Network – 20% of sales will be burned.
  • Save The F**king Trees – 75% of earnings from gear and art will go to burns.
  • THE SHIBETTES | 1/1 NFTs – burning a percentage of proceeds from NFT sales
  • Shiba Search – burning a percentage of add revenue

Read Also: Shiba Inu (SHIB) Now Supported By Newegg and Avalanche Bridge

Shiba Inu (SHIB) Market Trend

Shiba Inu’s price is consolidating in a manner that preceded the October 2021 bullish run, trading at $0.0000334 at press time.

<

Shiba Inu declined to enter sideways movement after its impressive rally to all-time highs of $0.0000889. Shiba Inu had a 30% run in late November 2022 after the Kraken exchange announced its listing.

Shiba Inu is presently trading in a triangular pattern. Going forward, one of two things might happen: a breakout past current levels could trigger an 18% run-up to recent highs at $0.0000399. Further upside moves may attempt targets at $0.000055 and $0.000065. Alternatively, a retest of the demand zone might seek support between $0.000032 and $0.000028.


Follow us on Twitter, Facebook, and Telegram

Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

Related Articles

Latest Articles