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The Shiba Inu community seeks feedback regarding 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.
A Shiba Inu enthusiast named ‘Shiba Arab Army’ launched an X poll on May 19, seeking user votes on whether they support the initiative to burn SHIB via Binance and Coinbase.
The user behind the poll emphasized 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
Ongoing SHIB Burn Campaign
Many Shiba Inu community members believe reducing the cryptocurrency’s hefty circulating supply could potentially increase the value of the remaining tokens. Consequently, they have resorted to sending huge amounts of SHIB to the official dead wallet, permanently removing the tokens from circulation.
Shiba Inu, which launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since inception.
Data from Shibburn confirms that 37,534,163 (37.53 million) were sent to the dead wallet over the past day, boosting the asset’s burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a fraction of the token’s hefty circulating supply.
Will Binance Support SHIB Burns Like LUNC?
Meanwhile, Binance is not new to supporting a token’s burn initiative. Recall that the exchange launched an initiative to burn LUNC using 50% of the token’s spot and margin trading fees. The move marks the exchange’s contribution to making victims of the Terra ecosystem collapse whole.
As of May 1, Binance’s total LUNC burns hit a whopping 58.93 billion, valued at $5.6 million at the time. It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges.
Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inu’s circulating supply and potentially bolster the token’s value in the long run.