The Shiba Inu community is actively seeking feedback on whether they should burn SHIB tokens from Binance and Coinbase. They are proposing an initiative that could potentially remove the tokens from circulation through these leading exchanges.
A passionate Shiba Inu supporter named ‘Shiba Arab Army’ launched a poll on May 19 to gather user votes on whether they support the burning of SHIB on Binance and Coinbase.
The poll creator emphasized the importance of the outcome in accomplishing their goal. With five days remaining until the voting period ends, the poll has already received 419 votes. The majority, 95% of participants, agree with the initiative to burn SHIB from Binance and Coinbase, while the remaining 5% disagree.
The SHIB Burn Campaign is an ongoing effort within the Shiba Inu community. Many members believe that reducing the circulating supply of the cryptocurrency 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, effectively removing the tokens from circulation permanently.
Initially, Shiba Inu launched with a total supply of 1 quadrillion tokens. Currently, there are only 583.31 trillion SHIB in circulation. Both the community and Ethereum co-founder Vitalik Buterin have burned a combined total of 410.72 trillion SHIB. In 2021, Buterin burned 410 trillion SHIB, while the Shiba Inu community has destroyed over 72 billion SHIB since the project’s inception.
According to data from Shibburn, 37.53 million SHIB were sent to the dead wallet in the past day, increasing the burn rate to 529.72%. However, this amount is only a fraction of the token’s hefty circulating supply.
Binance has previously shown support for token burn initiatives, as seen with the LUNC token. The exchange implemented a burn program using 50% of the token’s spot and margin trading fees. This initiative aimed to compensate victims of the Terra ecosystem collapse. As of May 1, Binance had burned a significant amount of LUNC, totaling 58.93 billion, valued at $5.6 million at that time. It remains to be seen how the Shiba Inu community plans to burn SHIB through these top exchanges.
The involvement of Binance and Coinbase in the burn campaign could significantly reduce Shiba Inu’s circulating supply and potentially boost the token’s long-term value.
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