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.
