Bigger Entertainment, a record company known for major SHIB burning parties and projects, has announced a Shiba Inu burn party that could wipe 1 billion SHIB from circulation. The Shiba community also believes the Valentine’s Day event will help fuel the bullish narrative for the Shiba Inu price.
Crypto record label plans a burning party on February 14
Bigger Entertainment, the world’s first crypto record label, has announced a Valentine’s Day event to burn massive amounts of Shiba Inu tokens.
The company previously held an event at Christmas where they burned 240 million Shiba Inu tokens. Bigger Entertainment owner Steven Cooper invited 4,000 community members to attend the event so that 1 billion Shiba Inu tokens can be burned.
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 🙂
Tickets: https://t.co/Z2NxM5DfmF
— Steven Cooper (@iamstevencooper) February 3, 2022
Along with Bigger Entertainment, several other businesses have contributed to the SHIB burn. Brick Buster, a game released on the Google Play Store in January 2022, burned 232 million SHIB. In fact, nine businesses, in certain amounts Shiba Inu (SHIB) an enterprise that promises to burn SHIB Burn Pledge met for
Alongside these, Shiba Inu also launched the Shiboshi NFT collection, which burned 109 million tokens in 58 transactions.
Historically, a burn causes a shortage in the cryptocurrency and fuels a bullish narrative for its price. For example, the burning practice in Ethereum is seen by experts as an important factor that positively affects the altcoin price.
Similarly, the burning of the Shiba Inu could push the price of its biggest Dogecoin competitor even higher. However, since the meme coin has a large supply, this may be more difficult to experience than other altcoins such as ETH. Cryptocurrency investors have revealed how many tokens need to be burned for the price of Shiba to be positively affected by the burn, and at least 61-71% of the total supply (just over 41 percent of the 1 quadrillion supply has been destroyed) is missing to see any significant price action. they said it should be done.
Alongside these, crypto analysts from Vision Pulse Traders evaluated the Shiba Inu price trend and noted that the meme cryptocurrency is currently in a downtrend. However, if the Shiba Inu price reaches $0.00000245, the dog-themed altcoin could experience an explosive rally.
FXStreet analysts also have a bullish outlook on the cryptocurrency and believe the Shiba Inu could climb to $0.000040.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.