SHIB Community Calls for Binance to Implement "SHIB Burn Mechanism"

The Shiba Inu community is rallying for a significant change, petitioning Binance to introduce a 1% daily SHIB burn mechanism through Change.org.

This initiative aims to reduce the circulating supply of SHIB, potentially boosting its price and ensuring its long-term success.

Change.org Petition for "SHIB Burn" Launched

The Shiba Inu (SHIB) community has launched a petition on Change.org, urging the cryptocurrency exchange Binance to implement a "1% daily SHIB burn mechanism." The petition began on July 17, 2024, and has so far garnered 346 signatures out of a goal of 500.

The petition was started by Shiba Arab army™ (@Labib_co), a member of the SHIB community. In a post on X (formerly Twitter) dated July 19, they stated their aim to collect 50,000 signatures.

The petition requests that Binance implement a mechanism to burn an amount of SHIB equivalent to 1% of all SHIB transactions daily. This measure is described as crucial for the long-term success and sustainability of SHIB.

Burning involves sending specific tokens to a wallet that can never be accessed again, thereby reducing the circulating supply. This process can increase the scarcity of the burned tokens, potentially leading to an increase in their price.

Current SHIB Burn Efforts and Potential Impact

SHIB is already engaging in burn activities through "Shibarium," an Ethereum Layer 2 solution, where a portion of on-chain transaction fees are burned. If Binance adopts the SHIB burn mechanism, it could significantly accelerate these efforts.

Whether the SHIB burn mechanism will be implemented depends on Binance's decision. However, given Binance's previous cooperation with the LUNC community for a "monthly LUNC burn," there is a possibility that SHIB burn might be considered if enough signatures are collected.

The SHIB community is also running a petition asking Grayscale to launch a SHIB ETF, which has collected 11,379 signatures at the time of writing.

You can sign the petition for the SHIB burn mechanism here.

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