Shiba Inu Community Intensifies Efforts to Have Binance Burn SHIB Tokens Using a Portion of the Token's Trading Fees

In an interesting development, popular community member Labib recently launched a petition on Change.org asking the world's largest crypto exchange to implement a daily burn of 1% of all Shiba Inu trading fees on its platform.

The Shiba Inu community is stepping up its efforts to get Binance to burn SHIB tokens with a portion of the token’s trading fees.

In a recent development, popular community member Labib has launched a petition on Change.org, urging the world’s largest crypto exchange to burn 1% of all Shiba Inu trading fees on its platform daily.

According to Labib, the move is crucial for Shiba Inu’s long-term success and sustainability. The community member highlighted that the proposal will help reduce SHIB’s massive circulating supply, which could potentially increase scarcity and boost the token’s price.

Labib stated that while Shiba Inu community members believe in SHIB’s potential and unique tokenomics, they also recognize burns as an essential way to strengthen the token’s value proposition.

“By burning 1% of all daily transactions, we can significantly enhance the value proposition of SHIB and reward the community that has passionately supported this project from the beginning,” Labib noted.

As of Monday, the petition had already collected 111 signatures out of the initial target of 200. At the time of writing, the petition boasts 142 signatures, with 58 to go before it reaches its initial goal. However, the ultimate aim is to hit a milestone of 50,000 signatures.

Interestingly, the creator of the petition believes the community could achieve the 50,000 signature goal by sharing it across every nook and cranny of the Shiba Inu ecosystem.

We have 111 signatures ✍️

The road is still long, but we are strong and need more.

Don't stop the petition; let it reach a large number of people.

Send it in private messages to the #shib community, let it reach everywhere.

Don't stop we will reach the dream.

All you need to do… pic.twitter.com/ojUlvvkdxL

— Shiba Arab army™ (@Labib_co) July 18, 2024

The development comes after the community’s initial discussion about burning SHIB on Binance and Coinbase, where 96.4% of Shiba Inu community members voted in favor of an X poll to actualize this goal.

It didn’t take long before top community members, such as Lola, joined the campaign to persuade Binance to burn SHIB with a portion of the token’s trading fees.

Earlier this month, Lola called on Binance CEO Richard Teng to extend the exchange’s LUNC burn support to SHIB. This request had the community considering the impact of the support on drastically reducing SHIB’s massive circulating supply.

Shiba Inu launched with an initial supply of 1 quadrillion tokens. According to data from Shibburn, over 410.72 trillion SHIB have been burned, leaving Shiba Inu with a circulating supply of over 589.27 trillion tokens.

Meanwhile, the Shiba Inu community has a history of using online petitions to propel crypto-related companies into doing their bidding. This was evident in SHIB’s listing on Robinhood in 2022.

It remains to be seen whether the community will be successful in persuading Binance to burn 1% of SHIB’s daily trading fees through its petition.

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