Shiba Inu Holders Rally for Exchange-Supported Token Burns

Shiba Inu enthusiasts are pushing for a substantial reduction in SHIB’s hefty circulating supply through increased burns. Shiba Inu’s official burn tracker, Shibburn, is considering burning SHIB on Binance using the token’s trading fees. This approach mirrors Binance’s strategy for LUNC incineration. Shibburn questioned whether Binance could extend its burn support to Shiba Inu.

Imagine @Binance burning from the $SHIB trading fees just like they do for LUNC. Could it happen? 🤔 https://t.co/am2EMIQMU4
— Shibburn (@shibburn) July 9, 2024

Community Demands SHIB Burn From Binance

The conversation started when prominent community figure Lola politely requested Binance CEO Richard Teng to burn SHIB with a fraction of the revenue from the token’s trading fees. Lola compared Binance’s support for LUNC burn to that of SHIB, suggesting the exchange should extend this support.

A recent X poll showed that over 96% of participants supported burning SHIB on leading exchanges like Binance and Coinbase. However, these exchanges have ignored the demands, leaving community members to burn SHIB themselves.

Binance’s LUNC Burn As a Precedent

After the Terra ecosystem collapsed in 2022, the community initiated a revival campaign to boost LUNC and USTC prices. This campaign included sending LUNC tokens to the official dead wallet. Binance supported this initiative, initially pledging to burn 100% of the monthly trading fees from LUNC spot and margin pairs. However, the exchange reduced its commitment to 50% due to controversies surrounding the re-minting of incinerated LUNC. Data from LUNC Metrics shows that Binance has burned 62.13 billion LUNC, worth $4.43 million. This contribution accounts for 49.2% of the total LUNC burns. Similarly, Binance has sent 4.38 million USTC to the dead wallet, representing 0.18% of the total USTC burn.

Despite the lack of indication from Binance about plans to support other tokens like Shiba Inu, the potential impact could be significant. So far, 410.72 trillion SHIB have been incinerated, with 27.76 million burned in the past 24 hours. Ethereum’s co-founder Vitalik Buterin burned 410 trillion of these tokens in 2021. However, Shiba Inu still has a hefty circulating supply of over 589 trillion tokens.

We are on twitter, follow us to connect with us :- @FXCryptoNews
— FXCryptoNews (@FXCryptoNews) December 14, 2023

Should Binance heed the community’s request and burn Shiba Inu using part of its trading fees, it could drastically reduce SHIB’s circulating supply. This action could enhance the price of the remaining tokens, benefiting all holders.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.