Steven Cooper, the CEO of Bigger Entertainment, believes that community-led efforts can help Shiba Inu (CRYPTO: SHIB) reach a price of $0.01.
What Happened: Cooper, who organizes regular SHIB burning events through Bigger Entertainment, told his Twitter Inc (NYSE:TWTR) followers on Monday that the meme-based cryptocurrency could reach a “groundbreaking” price target.
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 #shibarmy. This is how we reach a .01. By building an ecosystem where people are burning w/o even knowing it. Through entertainment.
— Steven Cooper (@iamstevencooper) January 30, 2022
“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 (NASDAQ: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.”
Right now 1 million people burning $22 would be 1 TRILLION #shib burned. You can either burn directly to the dead wallet or through our burn party that will be live Feb. 14th. #shibarmy
— Steven Cooper (@iamstevencooper) January 29, 2022
Tickets: https://t.co/Z2NxM5DfmF
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
