Close Menu
  • Home
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
  • Exchanges
  • For Beginners
  • All posts
What's Hot

DAG Director Discusses the Continued Relevance of XRP in the Era of Stablecoin Growth

Jun. 18, 2025

Key Milestones and Future Steps in the Ripple-SEC Settlement

Jun. 18, 2025

Leading Analyst Indicates Favorable Outlook for XRP HTF Chart, Recommends Bid Placement Area for XRP

Jun. 18, 2025
Facebook X (Twitter) Instagram
X (Twitter) Telegram
Wide Web Crypto
  • Home
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
  • Exchanges
  • For Beginners
  • All posts
Wide Web Crypto
Home » Shiba Inu Community Suggests the Possibility of Burning SHIB Tokens on Binance and Coinbase
Altcoins

Shiba Inu Community Suggests the Possibility of Burning SHIB Tokens on Binance and Coinbase

By adminJun. 21, 2024No Comments3 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Copy Link Email
Follow Us
Google News Flipboard
Shiba Inu Community Suggests the Possibility of Burning SHIB Tokens on Binance and Coinbase
Shiba Inu Community Suggests the Possibility of Burning SHIB Tokens on Binance and Coinbase
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

The Shiba Inu community is currently seeking feedback on whether to burn SHIB tokens from Binance and Coinbase, two leading exchanges in the cryptocurrency market. This initiative aims to reduce SHIB’s circulating supply and potentially increase the value of the remaining tokens.

A dedicated Shiba Inu supporter, known as ‘Shiba Arab Army’, initiated a poll on May 19 to gather user votes on the burning of SHIB tokens through Binance and Coinbase. The poll creator emphasized the importance of achieving this objective. With five days remaining until the voting period ends, the poll has already received 419 votes. Of the participants, 95% are in favor of burning SHIB from these exchanges, while the remaining 5% disagree.

The Shiba Inu community has been actively involved in an ongoing campaign to burn SHIB tokens in order to reduce the cryptocurrency’s circulating supply. This strategy involves sending large amounts of SHIB to the official dead wallet, effectively removing them from circulation permanently.

Initially, Shiba Inu had a total supply of 1 quadrillion tokens, but now only 583.31 trillion SHIB tokens are in circulation. Both the community and Ethereum co-founder, Vitalik Buterin, have contributed to the burn campaign, collectively destroying 410.72 trillion SHIB. Buterin burned 410 trillion SHIB in 2021, while the Shiba Inu community has burned over 72 billion SHIB since the token’s inception.

According to data from Shibburn, 37.53 million SHIB tokens were sent to the dead wallet in the past day alone, 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 its LUNC token. The exchange launched a campaign to burn LUNC tokens using 50% of the token’s spot and margin trading fees, intending to compensate victims of the Terra ecosystem collapse. As of May 1, Binance had burned a staggering 58.93 billion LUNC tokens, equivalent to $5.6 million at the time. It remains to be seen how the Shiba Inu community plans to implement the burning of SHIB tokens through these prominent exchanges.

It is worth noting that if Binance and Coinbase actively participate in the burn campaign, it could significantly reduce Shiba Inu’s circulating supply and potentially enhance the token’s long-term value.

Disclaimer: This article provides information and should not be considered as financial advice. The opinions expressed are those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.

Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Telegram Email Copy Link

Related Posts

DAG Director Discusses the Continued Relevance of XRP in the Era of Stablecoin Growth

Jun. 18, 2025

Key Milestones and Future Steps in the Ripple-SEC Settlement

Jun. 18, 2025

Leading Analyst Indicates Favorable Outlook for XRP HTF Chart, Recommends Bid Placement Area for XRP

Jun. 18, 2025
Leave A Reply Cancel Reply

Top Posts

Wunderbit Review: Combining Crypto Exchange and Automated Crypto Trading in a Single Platform

Mar. 11, 2021

Top Cryptocurrency Spot Exchange Offering High Liquidity and Low Fees

May. 8, 2021

Review of FTX Exchange: A Highly Rated Cryptocurrency Derivative Exchange

May. 31, 2021

CoinMarginX Review: The Revolutionary Platform Transforming Online Trading

Jul. 29, 2021
Don't Miss

DAG Director Discusses the Continued Relevance of XRP in the Era of Stablecoin Growth

Jun. 18, 20253 Mins Read

DAG Director Explains Why XRP Will Remain Relevant Despite the Rise of StablecoinsJune 18, 2025Jake…

Key Milestones and Future Steps in the Ripple-SEC Settlement

Jun. 18, 2025

Leading Analyst Indicates Favorable Outlook for XRP HTF Chart, Recommends Bid Placement Area for XRP

Jun. 18, 2025

Cardano Needs to Maintain This Level to Initiate a Surge to $1.43

Jun. 18, 2025
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Crypto
Crypto

Your source for the lifestyle news. This demo is crafted specifically to exhibit the use of the theme as a lifestyle site. Visit our main page for more demos.

We're accepting new partnerships right now.

Email Us: [email protected]
Contact: +1-320-0123-451

X (Twitter) Telegram
Exchanges

DAG Director Discusses the Continued Relevance of XRP in the Era of Stablecoin Growth

Jun. 18, 2025

Key Milestones and Future Steps in the Ripple-SEC Settlement

Jun. 18, 2025

Leading Analyst Indicates Favorable Outlook for XRP HTF Chart, Recommends Bid Placement Area for XRP

Jun. 18, 2025
For Beginners

Wunderbit Review: Combining Crypto Exchange and Automated Crypto Trading in a Single Platform

Mar. 11, 2021

Top Cryptocurrency Spot Exchange Offering High Liquidity and Low Fees

May. 8, 2021

Review of FTX Exchange: A Highly Rated Cryptocurrency Derivative Exchange

May. 31, 2021
  • Home
  • Crypto
  • Exchanges
  • For Beginners
©Copyright 2025 Wide Web Crypto All rights reserved.

Type above and press Enter to search. Press Esc to cancel.