Steven Cooper, an ardent SHIB community member, claims to know just how to propel the price of the meme coin up to $0.01. Cooper is the founder of Bigger Entertainment which allows for the burning of SHIB tokens through entertainment. In a recent tweet, Cooper stated that this approach could potentially burn millions of dollars worth of SHIB every month if keyed into.
Why this platform thinks it can get the price of SHIB to $0.01 through token burning
The tokenomics of Shiba Inu (SHIB) has been one of the reasons that the meme coin is expected to not appreciate to a reasonable price. The dog-themed meme coin was created with a circulating supply of over 1 quadrillion, of which half was sent to Vitalik Buterin, the founder of Ethereum as a way to create awareness for SHIB. However, there are still over 500 trillion SHIB tokens in circulation.
To tackle this problem of oversaturation, SHIB holders have taken to token burning to reduce SHIB’s supply. While SHIB tokens can be sent directly to a delegated “dead wallet” by holders to remove them permanently from the circulating supply, Bigger Entertainment and its founder aim to make this more rewarding. Steven Cooper, the founder of the platform says that through entertainment, millions of dollars worth of SHIB could be burnt every month.
“Our goal isn’t for SHIB holders to always burn their coins. Our goal is to spread music, YouTube videos, merch, NFT’s, etc to audiences outside of #shibarmy. This is how we reach a .01. By building an ecosystem where people are burning without even knowing it. Through entertainment,” Steven Cooper tweeted.
To achieve this, Bigger Entertainment has curated several playlists that SHIB holders can pay to listen to. The platform also holds regulator “SHIB burn parties” that SHIB holders can attend via various streaming platforms by purchasing tickets. Added to this, there are also games that SHIB holders can pay to play. The proceeds from these services are used to purchase SHIB to be sent to the SHIB burn wallet.
How possible is the ambitious SHIB price target?
So far, the project has burned over 1.1 trillion SHIB tokens throughout its lifetime. Bigger Entertainment’s December SHIB burn party burned 176 million SHIB by selling $5 tickets to the event. Similarly, in November, around 2 billion SHIB tokens were destroyed through the platform’s Spotify playlist. The next SHIB burn party is slated to be held on February 14.
SHIB still has a long way to go before it can cancel out the zeros it needs to reach a price of $0.01. On the day, SHIB is trading at $0.00003281, up by a colossal 26.18%. The joke coin is down 70.8% from its all-time high reached last year after seeing a slow start to 2022. However, the possibility that the coin can reach the price target cannot be ruled out if SHIB continues to repeat its impressive performance of 2021.