Shiba Inu (SHIB) Considers Launching a New Burn Initiative on Binance and Coinbase

The meme coin Shiba Inu (SHIB), considered Dogecoin's everlasting competitor, has once again sparked a surge of discussions among members of the

Meme coin Shiba Inu (SHIB), the ever-present competitor to Dogecoin, has once again sparked a flurry of discussions among members of the cryptocurrency community worldwide. According to an article published on X by the Shiba Arab Army, Shiba Inu is now said to be looking to launch a new burn initiative on Binance and Coinbase.

Despite the recent bearish movement of the Shiba Inu price, this news has generated a lot of optimism for the future price movements of Shiba Inu. To begin with, let's examine this brand-new SHIB burn concept in greater depth.

So, what exactly is the SHIB Burn Initiative?

In a post published on X on June 21 by the Shiba Arab Army, the community highlighted how token burns play a crucial role in boosting a cryptocurrency's market dynamics. The post went on to state that the primary cause of scarcity is the removal of a coin's market supply, as reported by Coingape.

In particular, a suggestion was recently made to burn 1% of all transactions involving Shiba Inu tokens. This effort was specifically undertaken with the goal of enlisting the support of Binance and Coinbase, which are among the biggest cryptocurrency exchanges operating on a global scale.

The Shiba Army, on the other hand, disclosed that this decision comes in the wake of a recent occurrence that was strikingly similar to the one that took place. Binance increased the burn of the Terra Luna token, which resulted in the destruction of a substantial quantity of LUNC. This seems to have triggered the new token burn initiative that the Shiba Army has been working on.

It is also important to note that the community's own burn mechanism continues to burn SHIB in the background, according to a report by CoinGape Media. The meme coin's burn rate increased by over 500% today.

Over the course of the previous 24 hours, Shiba Inu has been trading in the red, indicating that it is beginning to pull back.

SHIB's price plummets

The price of SHIB had decreased by 4.82% and was trading at $0.00001782 at the time this article was written. It was determined that the lowest point of the coin's 24-hour trading range was $0.00001751, and the highest point was $0.00001879.

According to the data from Coinglass, the market had a mixed mood about the asset. Its open interest (OI) decreased by 7.52% to $33.49 million, while the volume of derivatives increased by 8.34% to $117.26 million. This could cause the instability that SHIB has been experiencing today.

Furthermore, the Relative Strength Index (RSI) confirmed the price decline of the meme coin, which was close to 27. This indicates that the market is oversold, which allows buyers to enter the market at a reduced price.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-considers-launching-burn-initiative-binance-coinbase.html

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