Owner of American music label Bigger Entertainment and popular Shiba Inu (SHIB) influencer Steven Cooper has announced that his company has abandoned the canine-themed meme token project.
The shocking bombshell
On April 1, Cooper made public the company’s decision to discontinue the Shiba Inu burn campaign that was started last year.
According to Steven, we have decided to end our SHIB burning campaign. We’ve exited our holdings and will be removing related assets. We’ll burn pending burns tonight. We’re content knowing we inspired many burning initiatives that will live on. Thank you to the community.
He says he did the right thing:
Cooper had already deleted every tweet connected to Shiba Inu on his account and the SHIB burn handle before making the unexpected announcement. And he also wasted no time before deleting the announcement moments later.
This announcement has spurred different reactions from the community. Many people are still unclear why he is abandoning the campaign that was launched to ultimately reduce the total supply of the one quadrillion tokens to propel the price to $0.01 per token.
What was the Bigger Entertainment SHIB burn Initiative?
Remember that Cooper is one of the pioneers in initiating Shiba Inu burns. At the early stage of Cooper’s burn campaign, he launched a music platform where people can purchase singles and albums, with a portion of the profit dedicated to buying SHIB, which will be sent to a burn wallet.
This initiative later evolved into selling different products like shirts and hoodies, and a part of the profit was used to purchase Shiba Inu.
As part of efforts to support the ultimate reduction of the Bigger Entertainment SHIB burns initiative, the Shiba Inu community patronised the products aggressively.
Unfortunately, Cooper and his company ended the Shiba Inu project after gaining huge popularity and are now focused on crypto.
How things stand now
Before this unfortunate announcement, the Bigger Entertainment website was flooded with SHIB burns, but at the moment, there is a new tagline on the platform now that reads: “A Crypto Entertainment Company.”
All Shiba Inu-related content has been deleted from the website, with Cooper now focused on general crypto niches such as non-fungible tokens (NFTs), games, and crypto education.
Some members of the Shiba Inu community say that everything Steven cooper did was aimed at filling his own pockets. For example, selling Bigger entertainment burn party cards for $6, burning only $1 out of six dollars received, while keeping the rest.
Reacting to the development, a Shiba Inu enthusiast with the username @Fabio_NYC_, tweeted:
“Not surprised this manipulator exited after gaining followers and making money off the shibarmy. Everything he did was aimed at filling his own pockets. Selling $6 cards and burning $1 worth. All these burning schemes are short-lived.”
SHIB remains strong
Despite the development, not much damage has been done to the value of the popular meme cryptocurrency. According to data on Coingecko, Shiba Inu is only down 3.52% in the last seven days. At press time, SHIB is trading around $0.00002674.