
- The SHIB Army urges Binance to establish a SHIB auto burning mechanism.
- Striving for 1,500 signatures, the petition aims to reduce SHIBโs remaining supply.
- SHIB arrives in dubious support territory as profitable and losing holders are equally split.
The vocal community behind the popular meme coin Shiba Inu (SHIB) has started a petition to negotiate a method of SHIB burning with Binance. Whilst direct negotiations havenโt started just yet, the Shiba Inu community penned an online petition to the globeโs largest crypto platform.
SHIB Army Takes Heed From LUNC Community
Signed by 1,132 crypto enthusiasts so far, the petition on Change.Org takes inspiration from Terra Luna Classicโs (LUNC) community. โBe strong and demand, like the LUNA communityโ, – advises Labib, a member of the SHIB Army, whoโs actively promoting the petition on X.
Despite mistakenly misidentifying Terra Luna Classicโs community as LUNA, the SHIB Army member did not miss the point – Binance indeed does periodically burn LUNC tokens. At the start of every month, Binance takes 50% of the trading fees derived from Terra Luna Classicโs (LUNC) trading pairs and sends it to the incinerator.
Sponsored
By doing so, Binance contributes towards reducing the coinโs overprinted supply, potentially paving the way for long-term price appreciation. In Shiba Inuโs (SHIB) case, the remaining supply is by far larger than Terra Luna Classicโs (LUNC), with approximately 589T tokens remaining in contrast to LUNCโs 5.43T.
The 1% Daily SHIB Burn Could Be Game-Changing
After the news surfaced that The US Federal Reserve is unlikely to cut interest rates in September, the general crypto market took a huge blow. As the king crypto, Bitcoin (BTC), briefly retested $62,600 as daily lows, other popular major-cap altcoins slipped further.
As for Shiba Inu coin, the Japanese hunting dog-styled meme coinโs sluggish performance throughout the month has raised some eyebrows. Dropping 4.8% of value over the past 30 days, SHIB is now trading in a dubious support cluster, as only 48% of holders are making a profit at this price.
Ultimately, the equal division between holders making a profit and SHIB custodians in the red implies that thereโs no particularly strong force on either side. This is further confirmed by the massive fluctuations in Shiba Inuโs daily burning rate. Usually in the millions, this metric swings up and down depending on the manual burning initiatives by SHIB community projects and prominent members. The popular belief is that automatic SHIB burns could burn SHIB tokens in the billions per day, thus making an immediate impact on Shiba Inuโs (SHIB) market value.
As of press time, the #15 seated Shiba Inu coin is changing hands at $0.00001568, dropping 1% over the past 24 hours. In spite of this, SHIB is still 89.5% up on a yearly basis, after claiming yearly heights of $0.000044 during the meme coin-led rally last March.
On the Flipside
- Shibarium L2 developers are already working on an automatic SHIB burning mechanism within the chain, slated for a late 2024 release.
- As Binance takes up approximately 20% of all Shiba Inu coin trades, the mechanism would complement Shibariumโs on-chain burns.
Why This Matters
Crypto token burning is an efficient way to increase a coinโs scarcity, potentially driving up trading demand and prices.
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