Steven Cooper, the CEO of Bigger Entertainment has revealed that the company’s current Shiba Inu burn rate is expected to double. This update was posted by the CEO on Bigger Entertainment’s YouTube channel which has been monetized and is going to contribute to the SHIB burn.
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According to Cooper, every time a user watches Bigger Entertainment’s video on the social media platform, the company will burn SHIB.
Cooper stated in a video:
“So every single time you watch our channel, no matter what video, no matter if it’s music, daily updates, little shorts, whatever it is, we’re going to be burning SHIB together and we plan on putting as much as humanly possible toward this.“
Cooper added,
“We believe that this could double our burn rate again and we believe this is going to be just as lucrative as the playlist.”
Bigger Entertainment joined hands with team Shiba Inu to ‘burn’ SHIB and now it was trying to put into play various ways users could burn SHIB tokens. The company was burning 80% of all sales from ‘Shib lovers merch’ and made a playlist for the upcoming 14th February burn.
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Bigger Entertainment’s goal was to burn 400 million SHIB for the !4th February burn. As per a recent update by the CEO, that pot currently held 100 million Shiba Inu, which was 25% of the set target. With less than three weeks to go, it would be interesting to see if the SHIB Army will be able to meet this target.
This burn mechanism was put in place to create value within the ecosystem. While SHIB has previously reacted to the large burns, if Bigger Entertainment’s target was achieved, it could be the biggest burn seen by the company. It may also rescue Shiba Inu briefly from the ongoing bearish wrath in the market.
At the time of press, SHIB traded at $0.00002075 with a 3% decline over the past 24-hours. Its market capitalization remained at $11.39 billion.