Anika Begay
The Shiba Inu Community launched a petition urging Binance, the world’s largest cryptocurrency exchange, to burn SHIB tokensThe petition, which received an overwhelming response from SHIB supporters, successfully passed its first milestone, garnering over 1,000 votes.
Shiba Inu Petition Surpasses 1,000 Votes
The Shiba Inu community has taken significant and courageous steps in its efforts to increase the value of SHIB. On July 17, 2024, the community has started a petitionrequiring Binance to implement a daily burning mechanism for 1% of all SHIB token transactions.
THE Binance The petition has received considerable support from various members of the community, in excess of its first milestone reaching 1,164 votes in a few weeks. The petition is also getting closer 90% of the way there, with only 1,500 signatures needed to complete the current phase.
Underscoring the importance of the token burning petition, an account X (formerly Twitter) was identified as “Arab Shiba Army” noticed that Binance has consistently delivered on its promises to the community burn LUNC tokensAccordingly, the SHIB advocate urged the community to support similar burning practices and encouraged members to remain steadfast in their push for systematic SHIB Token Burn from Binance.
Furthermore, the Arab Shiba Army is trying to gather all SHIB community members from different countries, including Thailand, United States (USA), and Turkey. The supporter stressed the importance of maintaining a united front, saying that unity and a strong collective voice will make the community stronger.
Even the Arab army of Shiba revealed that the ultimate goal for the community is to reach 50,000 votes. With over a million wallets Holding Shiba Inu tokens worldwide, they believe that reaching the 50,000 vote milestone should be possible.
Furthermore, the SHIB supporter noted that signing the petition does not cost anything and does not require the purchase of SHIB tokens. They also disclosed that submitting a petition with 50,000 signatures will potentially prevent the Shiba Inu name from being exploited and ensure that all Token Burns are performed by a credible and reliable platform.
Why is it important to burn SHIB
Shiba Inu It is currently the second largest meme-based cryptocurrency market capitalizationAlthough it was created as a decentralized meme coin with no intrinsic value, Shiba Inu has grown exponentially over the years, cultivating a vibrant community with millions of supporters and investors.
Typically, the essence of a token burn is to permanently reduce the total supply of tokens, inducing scarcity and subsequently triggering a possible increase in the value of cryptocurrencyBased on this, the reason for burning SHIB tokens is most likely to ensure that the value of the meme coin increases and remains robust. Furthermore, a potential increase in value of Shiba Inu would significantly strengthen its position in the cryptocurrency market, promoting a more sustainable and stable ecosystem for investors.
Featured image created with Dall.E, chart from Tradingview.com
