The Shiba Inu (SHIB) community is exploring a novel strategy to potentially increase the value of their favorite token: burning SHIB directly through leading cryptocurrency exchanges Binance and Coinbase. This initiative, proposed by a community member named “Shiba Arab Army,” has sparked a heated debate, with a recent poll revealing overwhelming support for the idea.
The core argument behind the proposal hinges on supply and demand. SHIB launched with a massive circulating supply of 1 quadrillion tokens. Reducing this supply through burning, essentially sending tokens to a permanently inaccessible wallet, could theoretically increase the value of the remaining SHIB.
This concept isn’t entirely new. The Shiba Inu community, along with Ethereum co-founder Vitalik Buterin, have already burned a combined total of 410.72 trillion SHIB. However, with a current circulating supply of 583.31 trillion, the community believes a more drastic approach is necessary.
The recent poll on the initiative garnered significant interest, with 95% of participants endorsing the idea of burning SHIB via Binance and Coinbase. The success of a similar burn initiative on Binance for LUNC (formerly Luna) fuels the community’s optimism. Binance burns 50% of LUNC’s spot and margin trading fees, aiming to aid victims of the Terra ecosystem collapse. As of May 1st, this initiative had already burned a substantial 58.93 billion LUNC tokens.
While the specifics of how SHIB burning would be implemented on these exchanges remain unclear, the potential impact is undeniable. Binance and Coinbase’s participation could significantly reduce SHIB’s circulating supply, potentially leading to a long-term value increase for the token.
Also Read: Shiba Inu Burn Rate Soars 12,842%: Price Rebound Or Meme Dream?
However, some community members remain skeptical. Burning a small fraction of SHIB daily, as evidenced by the recent 37.53 million SHIB burned, might not be enough to significantly impact the overall supply. Additionally, convincing major exchanges like Binance and Coinbase to alter their existing structures to accommodate SHIB burns presents a significant hurdle.
The Shiba Inu community’s proposal to burn SHIB through Binance and Coinbase signifies a continued commitment to enhancing the token’s value. Whether this strategy proves successful hinges on the community’s ability to collaborate with the exchanges and implement a sustainable burn mechanism. Only time will tell if this innovative approach will ignite a fire under SHIB’s value.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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