The Shiba Inu community is actively exploring new ways to reduce the cryptocurrency’s substantial circulating supply, and they’ve set their sights on leading exchanges Binance and Coinbase. The community is seeking feedback from the public on whether to initiate a SHIB burning initiative via these platforms, aiming to potentially boost the value of the remaining tokens.
Shiba Inu Community Proposes SHIB Burn from Binance and Coinbase
“I need your votes here. Do you agree with the initiative to burn #SHIB from @coinbase and @binance platforms? Your vote is crucial to complete the task. (Please help spread the vote)#ShibaArmy #ShibaSmart #shibaarab_army”
— Shiba Arab army™ (@Labib_co)
A Shiba Inu enthusiast named ‘Shiba Arab Army’ has launched an X (Twitter) poll on June 19, seeking user feedback on the proposed initiative to burn SHIB via Binance and Coinbase. With five days left before the voting ends, the poll has already garnered 419 votes, with 95% of the participants expressing their agreement with the idea.
Ongoing SHIB Burn Campaign
Many Shiba Inu community members believe that reducing the cryptocurrency’s hefty circulating supply could potentially increase the value of the remaining tokens. Consequently, they have been actively sending large amounts of SHIB to the official dead wallet, permanently removing the tokens from circulation.
Since its inception, the Shiba Inu community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB, with the community destroying over 72 billion SHIB. Over the past day, 37,534,163 (37.53 million) SHIB were sent to the dead wallet, boosting the asset’s burn rate to 529.72%.
Binance’s Support for LUNC Burn and Potential for SHIB
Binance is not new to supporting a token’s burn initiative. The exchange recently launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees, contributing to making victims of the Terra ecosystem collapse whole. As of May 1, Binance’s total LUNC burns had reached a whopping 58.93 billion, valued at $5.6 million at the time.
It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges. Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inu’s circulating supply and potentially bolster the token’s value in the long run.