Shiba Inu to put 1 billion SHIB out of circulation fueling bullish sentiment among investors
- World’s first crypto label Bigger Entertainment revealed plans to organize the largest Shiba Inu burn party on February 14.
- If 4,000 members of the Shiba Inu community join the burn, Bigger Entertainment will burn 1 billion SHIB tokens.
- Analysts believe that breaking past $0.0000245, Shiba Inu price could start a massive rally.
Bigger Entertainment has announced a Shiba Inu burn party that could wipe out 1 billion SHIB from circulation. Proponents believe the Valentine’s day event could fuel a bullish narrative for Shiba Inu price.
Crypto label plans Shiba Inu burn party planned for February 14
The world’s first crypto record label, Bigger Entertainment, has announced a Valentine’s day event to burn Shiba Inu tokens.
The label has previously burnt 240 million Shiba Inu tokens on Christmas. Steven Cooper, the owner of Bigger Entertainment, has called 4,000 community members to join in to burn 1 billion Shiba Inu tokens.
If 4,000 more #shibarmy pitch in $5, we'll burn 1 BILLION #shib and have our largest burn party ever. That is nothing for an army of this size. Lets work together and make this happen :)
— Steven Cooper (@iamstevencooper) February 3, 2022
Tickets: https://t.co/Z2NxM5DfmF
Several businesses have contributed to burning Shiba Inu tokens alongside Bigger Entertainment. Brick Buster, a game on Google Play Store, burnt 232 million tokens on January 2022.
Shiba Inu launched the Shiboshi NFT collection, burning 109 million tokens in 58 transactions.
Historically, a burn triggers a shortage in cryptocurrency and fuels a bullish narrative for its price. Experts believe that Ethereum’s burn implementation was a key factor that then positively impacted that altcoin’s price.
Similarly, Shiba Inu’s burn could push the Dogecoin-killer’s price higher. Crypto analysts at Vision Pulse Traders have evaluated the Shiba Inu price trend and noted that the meme coin is currently in a downtrend. However, if Shiba Inu price hits $0.0000245, there could be an explosive rally in the canine-themed altcoin.
FXStreet analysts have a bullish outlook and believe Shiba Inu could climb to $0.000040.
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.
