Shiba Inu Quiet on Monday as Bigger Entertainment Burns Millions of Tokens

Updated:

Steven Cooper, the founder of crypto burn campaign company Bigger Entertainment, recently tweeted that his team had successfully burned another 2.75 million Shiba Inu (SHIB) tokens. Meanwhile, Shiba Coffee Company also announced that it has taken 11,851,851.85185185 SHIB out of supply.

Including its latest burn event, Bigger Entertainment has now sent 889,483,100 tokens to the “null wallet,” which contains a supply of coins inaccessible to anyone since October 2020, when the company announced the launch of the campaign.

The crypto-based record label also sells NFTs, events tickets, and merchandise for crypto and burns a portion of the fees earned for allowing customers to listen to music tracks. At the scheduled “Burn party” on December 26, 2021, the company deleted 239,600,144 Shiba Inu tokens.

Cooper also noted in his tweet that the company plans to improve its burning capabilities over the next sixty days, noting that they plan on doubling their current burn rate as they seek out better ways to burn SHIB tokens.

Finally, the founder noted that the company should burn more tokens later today. At the end of 2021, the team announced that SHIB burn events would likely occur every month in 2022. Overall, over three billion SHIB tokens (worth $102 million at press time) got burned in December by different members of the Shiba Inu community.

Key Shiba Inu Levels to Watch — January 3

SHIB continues to trade within a sideways pattern into the third day of the new year since it fell into this range on December 29. As expected, the market has remained quiet over the week as the global markets are yet to resume, forcing traders to remain on the sidelines.

SHIBUSD – 4-Hour Chart on Binance. Source: TradingView

That said, the SHIB market needs a breakout, either towards the upper-pivot zone at $0.0000350 or the lower end at $0.0000325, before momentum returns. Until then, the sideways bias will persist.

Meanwhile, my resistance levels are $0.0000350, $0.0000360, and $0.0000375, and my support levels are $0.0000325, $0.0000300, and $0.0000280.

Total Market Capitalization: $2.21 trillion

Shiba Inu Market Capitalization: $18.9 billion

Shiba Inu Dominance: 0.85%

Market Rank: #13

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.