SHIB Token Burn Bid by Shiba Inu Community Gains Push with Over 1,000 Votes

August 6, 2024 at 03:39 PM GST 2 mins read News

Shiba Inu community request to Binance for daily SHIB token burns has gained over 1,000 votes, nearing 90% of its initial goal.
Supporters from the global SHIB community are uniting for Binance to allow a 1% daily SHIB burn.
The request seeks to reduce SHIB’s supply, increase its value, and offer a more stable market for investors.

The Shiba Inu community released an appeal requesting the world’s largest crypto exchange burn SHIB tokens. The request, which has received response from SHIB supporters, has earned over 1,000 votes.

SHIB Burn Gains Support

On July 17, 2024, the Shiba Inu community debuted a bid requesting Binance to burn 1% of all SHIB token transactions daily. This decision is part of the community’s goal to enhance SHIB’s market value. The idea has received support, recording 1,205 votes in just a few weeks. It is now close to achieving 90% of its goal, needing only 1,500 signatures to reach its next level.

An X account called ‘Shiba Arab Army’ pointed out the importance of the petition, noting Binance’s previous success in burning LUNC tokens. The SHIB community member urged fellow supporters to remain united in their efforts to secure the SHIB token burn by Binance.

We move slowly, but there is movement and signing. I don't have a specific time frame. The faster we reach the goal, the quicker the acceptance. If you're still thinking about signing, do it without hesitation. I don't just want you to like the post; we need it to spread. Repost… pic.twitter.com/flzSE0U0AR
— Shiba Arab army™ (@Labib_co) August 5, 2024

The ‘Shiba Arab army’ is also working to unite SHIB holders across various countries, including Thailand, the United States, and Turkey. This global rally aims to improve the community’s influence on Binance. The goal is to secure 50,000 votes, a target considered attainable given the global distribution of over one million SHIB wallets.

Supporters have promised the community that signing the petition incurs no cost and does not require purchasing SHIB tokens. Achieving 50,000 signatures is expected to help protect Shiba Inu’s and ensure that token burns are conducted by Binance.

Impact of SHIB Token Burn

Shiba Inu has gained value as the second leading meme cryptocurrency by market capitalization. Originally a decentralized meme coin, SHIB has since gained following of investors and supporters.

Burning SHIB tokens would reduce the total supply, reducing it availability and potentially increasing the coin’s value. This move aims to strengthen Shiba Inu’s market position, enabling a more sustainable market for its investors.

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