Shiba Inu Community Seeks Feedback on SHIB Burning Proposal Involving Binance and Coinbase
The Shiba Inu community is actively exploring new ways to reduce the massive circulating supply of SHIB and is proposing an initiative that could burn the token via leading exchanges Binance and Coinbase.
A Shiba Inu enthusiast known as “Shiba Arab Army” launched a poll on X on May 19, seeking user votes on whether they support the SHIB burning initiative via Binance and Coinbase. The user emphasized that the outcome is crucial for “completing the mission.” Five days before the vote ends, the poll has received 419 votes, with 95% of participants approving the SHIB burning initiative involving Binance and Coinbase, while the remaining 5% are opposed.
Ongoing SHIB Burning Campaign
Many Shiba Inu community members believe that reducing the cryptocurrency’s massive supply could increase the value of the remaining tokens. As a result, they have resorted to sending large amounts of SHIB to the official dead wallet, permanently removing the tokens from circulation.
Shiba Inu, initially launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since its inception.
According to Shibburn, 37,534,163 (37.53 million) SHIB were sent to the dead wallet in the past day, increasing the asset’s burn rate by 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a small fraction of the cryptocurrency’s massive circulating supply.
Will Binance Support SHIB Burning Like LUNC?
Meanwhile, Binance is no stranger to supporting token burning initiatives. The exchange launched an initiative to burn LUNC using 50% of the spot and margin trading fees for the token. This move represents the exchange’s contribution to fully compensating the victims of the Terra ecosystem collapse.
Read more SHIB Army Speculates Potential Price Surge Amid Market Optimism
Binance’s total LUNC burns amount to 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 through these major exchanges.
Involving Binance and Coinbase in the burning campaign could significantly reduce Shiba Inu’s circulating supply and potentially boost the token’s value in the long term.
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