Shiba Inu Community Seeks Feedback on Whether to Burn SHIB from Binance and Coinbase

The community is actively seeking new ways to reduce SHIB's hefty circulating supply, proposing an initiative that could potentially burn the token via leading exchanges Binance and Coinbase.

The Shiba Inu community is exploring new avenues to reduce the cryptocurrency’s large circulating supply, with a recent initiative aiming to burn SHIB through leading exchanges Binance and Coinbase.

A poll was launched on May 19 by Shiba Inu enthusiast ‘Shiba Arab Army,’ seeking user votes on whether they support the move to burn SHIB through Binance and Coinbase.

The user behind the poll highlighted that the outcome is crucial in ‘completing the task.’ With five days left before voting ends, the poll has received 419 votes. While 95% of the participants agree with the initiative to burn SHIB from Binance and Coinbase, the remaining 5% disagree.

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) June 19, 2024

Many members of the Shiba Inu community believe that reducing the cryptocurrency’s large circulating supply could potentially increase the value of the remaining tokens. As a result, they have been sending large amounts of SHIB to the official dead wallet, permanently removing the tokens from circulation.

Launched with a total supply of 1 quadrillion tokens, Shiba Inu now has only 583.31 trillion SHIB in circulation. Together, the community and Ethereum co-founder Vitalik Buterin have burned a total of 410,727,009,502,240 (410.72 trillion) SHIB. Buterin burned 410 trillion SHIB in 2021, while the Shiba Inu community has destroyed over 72 billion SHIB since the token’s launch.

According to Shibburn, 37,534,163 (37.53 million) were sent to the dead wallet in the last 24 hours, boosting the asset’s burn rate to 529.72%. However, the 37.53 million SHIB burned in the last day is only a small portion of the token’s large circulating supply.

In other news, Binance is no stranger to supporting a token’s burn initiative. The exchange launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees. This move is the exchange’s way of helping victims of the Terra ecosystem collapse become whole again.

Binance’s total LUNC burns amounted to a massive 58.93 billion as of May 1, which was valued at $5.6 million at the time. It is unclear how the Shiba Inu community intends to burn SHIB through these major exchanges.

However, getting Binance and Coinbase to participate in the burn campaign could significantly reduce Shiba Inu’s circulating supply and potentially support the token’s value in the long run.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-community-seeks-feedback-burn-shib-binance-coinbase.html

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