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Shiba Inu Community Advocate for SHIB Burn on Major Exchanges

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Shiba Inu Burn Rate Jumps 347%, Millions of SHIB Burned 

The Shiba Inu community is actively seeking feedback on burning SHIB tokens via major exchanges Binance and Coinbase. This initiative aims to reduce SHIB’s substantial circulating supply, potentially increasing the value of the remaining tokens. An enthusiast, ‘Shiba Arab Army,’ launched a poll on X on May 19 to gauge user support for this proposal.

With five days left for voting, the poll has received 419 votes, with an overwhelming 95% supporting the initiative and 5% opposing it. The poll’s outcome is deemed crucial for moving forward with the plan.

Ongoing SHIB Burn Efforts

Community members believe that reducing SHIB’s circulating supply can enhance its value. As a result, they have been sending large amounts of SHIB to the official dead wallet, permanently removing these tokens from circulation. Shiba Inu started with a total supply of 1 quadrillion tokens but now has 583.31 trillion SHIB in circulation. 

Related article: Shiba Inu’s Market Cycle Insights: Is SHIB Price Surge Imminent?

Notably, the community and Ethereum co-founder Vitalik Buterin have burned a combined 410.72 trillion SHIB. In 2021, Buterin burned 410 trillion SHIB, while the community has destroyed over 72 billion SHIB since its inception. Data from Shibburn shows that 37.53 million SHIB were sent to the dead wallet in the past day, boosting the burn rate by 529.72%. However, this amount is only a small fraction of SHIB’s hefty circulating supply.

Binance’s Potential Support For SHIB Burns

Interestingly, Binance has previously supported token burn initiatives. For example, the exchange launched a program to burn LUNC using 50% of the token’s spot and margin trading fees, contributing to the recovery of Terra ecosystem collapse victims. As of May 1, Binance’s total LUNC burns reached 58.93 billion, valued at $5.6 million at the time.

Related article: Shiba Inu Adoption Spreads: Real-World Applications Expanding

The Shiba Inu community hopes that Binance and Coinbase will contribute to the SHIB burn campaign. If successful, this collaboration could significantly reduce SHIB’s circulating supply and potentially increase the token’s value in the long run. 

The community remains optimistic about this initiative, anticipating a positive impact on SHIB’s market dynamics.

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