Bitrabo Editorial
A petition initiated by the Shiba Inu Army on Change.org aims to persuade Binance, the world’s largest cryptocurrency exchange, to implement a daily burn of 1% of Shiba Inu (SHIB) token transactions. The proposal, started by Labib on July 17, 2024, seeks to reduce the circulating supply of SHIB.
Advocating for Token Burn
The petition calls on Binance to introduce a token burn mechanism to systematically remove 1% of SHIB tokens used in daily transactions. This strategy is intended to enhance the scarcity and value of the token. Supporters believe that reducing the circulating supply through token burns can positively impact SHIB’s long-term success and sustainability.
Currently, the petition has garnered 149 signatures, with a target of reaching 50,000 to demonstrate community backing. The community urges Binance to consider this initiative as a step towards acknowledging and supporting the Shiba Inu community’s interests and the projects it endorses.
Despite significant token burns that have already removed over 410.72 trillion SHIB from circulation, there are still more than 589.27 trillion tokens in circulation, emphasizing the need for continued burn mechanisms to manage the token’s supply effectively.
Labib, in the petition, emphasizes the importance of burns in enhancing SHIB’s value and rewarding the community for its steadfast support. The community has a history of leveraging online petitions effectively, as seen with the successful campaign for SHIB’s listing on Robinhood in 2022.
In recent engagements, community influencer Lola reached out to Binance’s leadership to advocate for extending burn support to SHIB. This move aligns with the community’s efforts to drive positive changes for SHIB and its ecosystem.
Amid these developments, SHIB is currently trading at $0.00001724.