- The Shiba Inu (SHIB) community recently raised requests for token burns to Binance CEO Richard Teng.
- SHIB enthusiasts highlighted Binance’s precedent of burning LUNC tokens using trading fees.
- Daily burn rate of SHIB saw a significant rise by 355.31%, with over 28 million SHIB tokens eliminated in a day.
Shiba Inu community urges Binance for SHIB token burns, following LUNC token burning practices, as daily burn rates surge dramatically.
SHIB Army Rallies for Token Burns
The Shiba Inu (SHIB) community, known colloquially as the SHIB army, has been actively appealing to Binance’s CEO, Richard Teng, to include SHIB in their burn strategy. The community’s appeal came to light after a series of comments and requests were posted under Teng’s recent tweets discussing Bitcoin ETFs and the overall high interest in Bitcoin. Members of the community suggested that Binance could replicate its strategy used for Terra Luna Classic (LUNC), where a portion of trading fees is utilized for token burns.
Historical Context of Binance’s Token Burns
Binance has become known for its token burn strategy, particularly with LUNC, the revitalized token following the Terra Luna crash in 2022. By systematically reducing the total supply through burns funded by trading fees, Binance has aided in stabilizing and potentially increasing the value of these tokens. The SHIB community is now looking to leverage this successful precedent to advocate for similar support for Shiba Inu tokens.
Substantial Increase in SHIB Burn Rates
In the last 24 hours alone, the Shiba Inu burn rate has surged by an impressive 355.31%. This dramatic increase saw 28,256,594 SHIB tokens incinerated across 11 transactions, according to data from the Shibburn tracking platform. The substantial boost in burn rate underscores the community’s commitment to decreasing the total supply, which can help increase the token’s value over time.
Community’s Strategic Advocacy
The SHIB army’s calls for action are not without strategic merit. By urging Binance to allocate trading fees for SHIB burns, they aim to mimic the positive market impact seen with LUNC. This method does not solely rely on community-led burns but incorporates institutional support to enhance the burn rate, thus making the circulating supply more manageable and potentially boosting market prices.
Conclusion
The Shiba Inu community’s active push for SHIB token burns by Binance marks a strategic effort to reduce the token’s supply and enhance its market value. Drawing inspiration from Binance’s successful LUNC burn strategy, the SHIB community has demonstrated an organized and insightful approach to cryptocurrency market dynamics. With burn rates already witnessing substantial increases, the future looks promising for SHIB if Binance chooses to heed the community’s calls and implement a similar burn strategy.
