The Shiba Inu community is stepping up its efforts to urge Binance to burn SHIB tokens using a portion of the token’s trading fees. In an intriguing development, Labib, a well-known member of the community, has recently launched a petition on Change.org calling on the world’s largest crypto exchange to implement a daily burn of 1% of all Shiba Inu trading fees on its platform.
Labib believes that this move is crucial for the long-term success and sustainability of Shiba Inu. The community member emphasizes that the proposal will help reduce the substantial circulating supply of SHIB, potentially increasing scarcity and boosting the token’s price.
Labib acknowledges that while the Shiba Inu community has faith in SHIB’s potential and unique tokenomics, they recognize burns as an essential way to solidify the token’s value proposition. Labib remarks, “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.”
The petition has already garnered 111 signatures out of its initial target of 200. Currently, it boasts 142 signatures, with 58 more needed to reach the initial goal. The ultimate objective is to achieve 50,000 signatures, and the creator of the petition believes that the community can accomplish this by sharing it extensively within the Shiba Inu ecosystem.
This development follows earlier discussions within the community about burning SHIB on Binance and Coinbase. At the time, 96.4% of Shiba Inu community members voted in favor of this goal. Notably, top community members like Lola have joined the campaign to persuade Binance to burn SHIB using a portion of the token’s trading fees.
Lola had previously called on Binance CEO Richard Teng to extend the exchange’s burn support to SHIB. This request sparked a conversation within the community about how impactful such support could be in reducing SHIB’s circulating supply.
It is worth noting that Shiba Inu launched with an initial supply of 1 quadrillion tokens. Currently, over 410.72 trillion SHIB have been burned, leaving Shiba Inu with a circulating supply of more than 589.27 trillion tokens, according to data from Shibburn.
The Shiba Inu community has a history of using online petitions to push crypto-related companies to take action. This is evident in SHIB’s listing on Robinhood in 2022.
The success of the community’s petition to persuade Binance to burn 1% of SHIB’s daily trading fees remains to be seen.
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