- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.