Since last year, the Shiba Inu community has embarked on burning SHIB tokens in order to steadily reduce its circulating supply, which is believed to serve as one of the best means to trigger price surges.
A lot of SHIB-inspired businesses have adopted the burning initiative and promised to do their part in reducing the number of SHIB tokens in circulation.
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Bigger Entertainment has since led the campaign with plans to burn a huge number of Shiba Inu tokens periodically, which brought about an event known as the SHIB burn party.
The last one was held on 26th December, where about 240,000 SHIB was destroyed. The community is currently preparing for the next one slated to play out on 14th February, Valentine’s Day.
More Projects for the SHIB burning Initiative Are Launching Soon
According to a Twitter update posted on 4th February by the Shibburn team, more projects that are centered on burning Shiba Inu tokens are going to launch soon.
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Going by the report, relatively $1,300 worth of SHIB tokens are being burned every three days, stating that it will be interesting if the trend continues.
The team further stated that there are projects meant for Shiba Inu tokens burning that are expected to be released soon.
Shibburn team tweeted, “$1.3k in 3 days. It’s going to be an interesting month if this keeps going. There will be more updates coming to shibburn.com next week… Stay tuned for more projects being released soon! …and of course, we thought outside the box.”
Stay tuned for more projects being released soon! …and of course, we thought outside the box🤷♂️.
— Shibburn (@shibburn) February 4, 2022
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Shiba Inu Burning Initiative Would Drive SHIB Price Up To $0.01
According to Steven Cooper, the founder of Bigger Entertainment, the firm that currently leads the Shiba Inu burning initiative, SHIB tokens burning spree would drive its price up to $0.01.
In a tweet on 30th January, Cooper pointed out that SHIB holders can be burning the tokens steadily without even knowing it. He said this could play out by sharing music, YouTube videos, merch, non-fungible tokens (NFTs), among others, to people outside the Shiba Inu community.
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.
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“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.”
