Shiba Inu Army Launches Petition Urging Binance To Burn SHIB

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As a seasoned financial analyst with a background in cryptocurrency and token economics, I have closely observed the Shiba Inu (SHIB) community’s latest endeavor to convince Binance to implement a daily 1% token burn mechanism for their beloved meme coin. Having followed the SHIB ecosystem since its inception and seen its resilience and adaptability firsthand, I believe that this initiative could potentially bear fruit.

A Change.org petition spearheaded by the Shiba Inu Army is underway, aiming to persuade Binance, the leading cryptocurrency exchange, into implementing a daily burn of one percent of all transacted Shiba Inu (SHIB) tokens. This initiative was initiated on July 17, 2024, by a well-recognized community member named labib_co shib, also known as Labib.

Can The Shiba Inu Army Convince Binance?

The Shiba Inu community’s petition asks Binance to introduce a token burn feature, whereby 1% of exchanged SHIB tokens are destroyed daily. This initiative aims to decrease the total supply of SHIB, potentially increasing its scarcity and value.

As a seasoned investor with years of experience in the cryptocurrency market, I strongly believe that this initiative is essential for the long-term prosperity and sustainability of the Shiba Inu token (SHIB). By burning tokens, we’re essentially removing them from circulation, thereby creating a sense of scarcity. This perceived scarcity could potentially lead to an increase in demand and consequently, a rise in the token’s value. It’s a tried-and-tested economic principle that applies not just to digital currencies but to traditional assets as well. I’ve seen this strategy work wonders for other projects in the past, and I have every confidence that it could bring significant benefits to Shiba Inu as well.

As of July 19, 2024, the petition currently holds the signatures of 149 individuals. With an ambitious target of amassing 50,000 signatures, this initiative aims to generate significant community backing and encourage Binance, a prominent cryptocurrency exchange, to consider this proposal seriously. The petitioners call on Binance to listen to the Shiba Inu community’s demands and implement the suggested burn mechanism. This action would demonstrate Binance’s dedication to its user base and the projects it champions. (Labib’s statement in the petition)

Using a large starting point of 1 quadrillion SHIB tokens, significant amounts, totaling over 410.72 trillion tokens, have been permanently removed from circulation via token burns, as reported by Shibburn. Yet, more than 589.27 trillion SHIB tokens remain in circulation, indicating the importance of continuous and well-planned token burn strategies.

The petition initiated by Labib highlights the conviction within the community regarding SHIB‘s prospect and distinctive token economics. According to Labib’s petition, burning 1% of daily transactions will significantly boost SHIB’s value proposition and recognize the dedicated support of its early backers.

As a crypto investor in the Shiba Inu community, I’m no stranger to utilizing online petitions as a powerful tool for bringing about change that benefits us. A prime example of this was the successful listing of SHIB on Robinhood in 2022. This achievement came about as a result of our collective efforts and passionately voiced demands through a community-led petition campaign.

Additionally, the community has taken steps towards engaging Binance’s management, with influential member Lola pushing for Binance to expand its LUNC token burn support to include SHIB. According to Bitcoinist, on July 9th, Lola asked Binance CEO Richard Teng to incorporate Shiba Inu in the exchange’s token burn program, utilizing a portion of the coin’s trading fees for this purpose. Recently, Binance hinted via Twitter: “Getting ready for the next phase! Pawsitively prepared!”

At press time, SHIB traded at $0.00001724.

Shiba Inu Army Launches Petition Urging Binance To Burn SHIB

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2024-07-20 01:12