The SHIB token has recently lost a massive chunk of its value. The meme-coin rose to prominence recently when the cryptocurrency market went into the Dogecoin fever. However, it seems that the market has started to cool off, and the token holders are suffering from massive losses. Under these circumstances, one whale account is making a big move.
Bigger Entertainment is the first blockchain record label. The owner of the label Steven Cooper recently told the media that he has some good news in store for the SHIB investors. It is worth mentioning that tech experts like Edward Snowden recently warned the investors about the risk involved with meme-coins due to their lack of real utility.
At the time, the entire cryptocurrency market is in a state of frenzy. However, meme coin SHIB started to lose its dominance before the FUD created by the Fed hit the financial markets. Cooper recently told the media that he has been holding SHIB burn parties to get rid of the massive supply of the meme coin.
His company Bigger Entertainment accepts Shiba Inu tokens as payments for their products like songs, NFTs, merchandise, and other products. The coins sent by the buyers are burned by the production company, as noted by Cooper recently. He claimed that the burn rate for the token is expected to double during the holiday season.
Bigger Entertainment owner, Steven Cooper, took to social media platform Twitter to share the null address where all the SHIB tokens are burned. He tweeted that according to the records of the production company, around 7 million Shiba Inu tokens were burned in December alone.
Cooper also claimed that the company has big piles of SHIB tokens ready to burn right after Christmas day. It is worth noting that all the tokens that are sent to a burn address are removed from the circulation supply for good. Cooper is planning to salvage the price of the meme coin before year-end by hosting grand SHIB burning parties.