Bigger Entertainment CEO to burn 10% of Shiba Inu supply, inadvertently pushing SHIB closer to break out
- Steven Cooper, CEO of Bigger Entertainment, reveals that burn parties are to reduce Shiba Inu supply – not to pump.
- Shiba Inu price may not change at all, but the community's goal is the overall reduction of circulating SHIB supply.
- Cooper expects Shiba Inu developers to follow suit, burning 20% or higher supply of the Dogecoin-killer.
Steven Cooper-led Bigger Entertainment organizes Shiba Inu burn parties to reduce the supply of Shiba Inu – not pump the Dogecoin-killer. Cooper reveals on Twitter he expects developers to burn 20% or higher supply of the meme coin.
Shiba Inu burn parties target the meme coin's supply
Steven Cooper, the CEO of Bigger Entertainment, a crypto entertainment company, has organized Shiba Inu burn parties in the past. Cooper told his followers in a recent tweet that the objective of a Shiba Inu burn party is to reduce the meme coin's supply.
Shiba Inu burn parties are not intended to "pump" the Dogecoin-killer's price higher. The Bigger Entertainment boss took to Twitter to set a goal for the community, to burn 10% of Shiba Inu supply. Cooper expects the meme coin's developers to step in and burn 20% or more SHIB tokens and contribute to a reduction in supply.
Cooper wanted to set a clear target before announcing the next Shiba Inu burn party, calling community members to participate in reducing supply.
Before we announce the next burn party I want to make this clear… This is not to pump, this is to reduce supply. #Shib price may not change at all. Our focus as a community is reducing 10% of supply together & hoping Dev team follows suit by focusing on 20% or more. #shibarmy
— Steven Cooper (@iamstevencooper) March 1, 2022
Proponents believe that a reduction in the meme coin's supply could drive Shiba Inu price higher. Cryptocurrency analysts at Vision Pulse Traders have evaluated the Shiba Inu price trend and noted that the meme coin has not topped as of yet. Analysts believe that the next major resistance is at $0.0000305. If Shiba Inu price breaks past resistance, it could target $0.0000345.
FXStreet analysts believe Shiba Inu is ready to launch higher. Analysts have identified a similar setup as seen on February 6, 2022, in the Shiba Inu price trend and predict a rally to $0.000054.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
