The Shiba Inu community is intensifying efforts to have Binance burning SHIB tokens using a portion of the token’s trading fees.
In an interesting development, popular community member Labib recently launched a petition on Change.org asking the world’s largest crypto exchange to implement a daily burn of 1% of all Shiba Inu trading fees on its platform.
Petition to Burn SHIB on Binance
According to Labib, the move is imperative to Shiba Inu’s long-term success and sustainability. The community member emphasized that the proposal will help reduce SHIB’s hefty circulating supply, potentially increasing scarcity and boosting the token’s price.
Labib said although Shiba Inu community members believe in SHIB’s potential and unique tokenomics, they recognized burns as an essential way to solidify the token’s value proposition.
“By burning 1% of all daily transactions, we can significantly enhance the value proposition of SHIB and reward the community that has passionately supported this project from the beginning,” Labib remarked.
As of yesterday, the petition has already attracted 111 signatures out of the initial target of 200. In the meantime, the petition boasts 142 signatures, with 58 signatures left before it reaches its initial target. Notably, the ultimate goal is to hit a milestone of 50,000 signatures.
Interestingly, the creator of the petition believes the community could achieve the 50,000 signature goal by sharing it across every nook and cranny of the Shiba Inu ecosystem.
We have 111 signatures ✍️. The road is still long, but we are strong and need more. Don’t stop the petition; let it reach a large number of people. Send it in private messages to the #shib community, let it reach everywhere. Don’t stop we will reach the dream. All you need to do… pic.twitter.com/ojUlvvkdxL
— Shiba Arab army™ (@Labib_co) July 18, 2024
Community Seeks Widespread Burn Initiative
The development follows the community’s initial discussion about burning SHIB on Binance and Coinbase. At the time, 96.4% of Shiba Inu community members voted in favor of an X poll to actualize this goal. It did not take long before top community members like Lola joined the campaign to persuade Binance to burn SHIB using part of the token’s trading fees.
Earlier this month, Lola called on Binance CEO Richard Teng to extend the exchange’s LUNC burn support to SHIB. This request got the community deliberating on how impactful the support could drastically reduce SHIB’s hefty circulating supply.
Recall that Shiba Inu launched with an initial supply of 1 quadrillion tokens. According to data from Shibburn, over 410.72 trillion SHIB have been burned, leaving Shiba Inu with a circulating supply of more than 589.27 trillion tokens.
Meanwhile, the Shiba Inu community is known for using online petitions to propel crypto-related companies into doing their bidding. This is reflected in SHIB’s listing on Robinhood in 2022.
It remains to be seen whether the community will be successful in persuading Binance to burn 1% of SHIB’s daily trading fees through its petition.
