Shiba

Based

Burn

United

Shiba Inu

<p><a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-shib-founders/" rel="nofollow noopener" target="_blank">The Shiba Inu community</a> has launched a petition urging Binance, the world’s largest crypto exchange, to <a href="https://www.newsbtc.com/news/shiba-inu-coin/shibarium-activity-shib-burn-rate-bullish-signal-for-shiba-inu/" rel="nofollow noopener" target="_blank">burn SHIB tokens</a>. The petition, which has received an overwhelming response from SHIB supporters, has successfully crossed its first milestone, amassing over 1,000 votes.&nbsp;</p> 
<h2 id="shiba-inu-petition-crosses-1-000-votes">Shiba Inu Petition Crosses 1,000 Votes</h2> 
<p>The Shiba Inu community has taken significant bold steps in its efforts to boost the value of SHIB. On July 17, 2024, <a href="https://bitcoinist.com/shiba-inu-army-petition-binance-burn-shib/">the community started a petition</a>, requesting Binance to implement a daily burn mechanism for 1% of all SHIB token transactions.&nbsp;</p> 
<p>The <a href="https://bitcoinist.com/terra-classic-poised-to-reawaken-as-binance-burns-2-2-billion-lunc/">Binance</a> petition has garnered a significant amount of support from various community members, <a href="https://www.change.org/p/persuade-binance-to-implement-a-daily-1-burn-of-shiba-inu-token-transactions?recruiter=1343953457&amp;recruited_by_id=b9d8ee30-4432-11ef-986d-6fd3973e2a66&amp;utm_source=share_petition&amp;utm_campaign=share_petition&amp;utm_medium=copylink&amp;utm_content=cl_sharecopy_490139418_de-DE:1" rel="nofollow noopener" target="_blank">exceeding</a> its first milestone by reaching 1,164 votes in just a few weeks. The petition is also <a href="https://x.com/labib_co/status/1819704833034650092?s=46" rel="nofollow" target="_blank">nearing</a> 90% of its goal, with just 1,500 signatures needed to complete the current stage.&nbsp;</p> 
<p>Stressing the importance of the token burn petition, an X (formerly Twitter) account identified as the ‘Shiba Arab army’ <a href="https://x.com/labib_co/status/1819160194737172815?s=46" rel="nofollow" target="_blank">noted </a>that Binance has consistently fulfilled its promises to the community by <a href="https://bitcoinist.com/binance-massive-lunc-burn/">burning LUNC tokens</a>. As a result, the SHIB supporter has urged the community to advocate for similar burning practices and encouraged members to remain resolute in their push for a systematic <a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-8-billion-shib-burned/" rel="nofollow noopener" target="_blank">SHIB token burn</a> by Binance.&nbsp;</p> 
<p>In addition, the Shiba Arab army is <a href="https://x.com/labib_co/status/1819769476339888342?s=46" rel="nofollow" target="_blank">attempting</a> to rally all SHIB community members from diverse countries, including Thailand, the United States (US) and Turkey. The supporter has emphasized the significance of maintaining a united front, asserting that unity and a strong collective voice will make the community stronger.&nbsp;</p> 
<p>Shiba Arab army also <a href="https://x.com/labib_co/status/1818978104460575155?s=46" rel="nofollow" target="_blank">revealed</a> that the end goal for the community is to reach 50,000 votes. With <a href="https://www.newsbtc.com/news/shiba-inu-1-million-wallets-in-red-zone/" rel="nofollow noopener" target="_blank">over one million wallets </a>holding Shiba Inu tokens around the world, they believe that achieving a 50,000 voting milestone should be possible.&nbsp;</p> 
<p>Furthermore, the SHIB supporter noted that signing the petition incurs no cost and does not require purchasing SHIB tokens. They also <a href="https://x.com/labib_co/status/1820209423488274600?s=46" rel="nofollow" target="_blank">disclosed</a> that submitting a petition with 50,000 signatures will potentially prevent Shiba Inu’s name from being exploited and ensure that all <a href="https://www.newsbtc.com/news/shiba-inu-coin/shib-burn-rate-skyrockets-nearly-70000-will-this/" rel="nofollow noopener" target="_blank">token burns</a> are executed by a credible and trustworthy platform.&nbsp;</p> 
<h2 id="why-burning-shib-matters">Why Burning SHIB Matters</h2> 
<p><a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-volume-flips-dogecoin/" rel="nofollow noopener" target="_blank">Shiba Inu </a>is currently the second-largest meme-based cryptocurrency by <a href="https://www.newsbtc.com/news/forget-dogecoin-shiba-inu-set-to-become-the-top-dog-expert-predicts-100-billion-market-cap/" rel="nofollow noopener" target="_blank">market capitalization</a>. While it was created as a decentralized meme coin lacking intrinsic value, Shiba Inu has grown exponentially over the years, cultivating a vibrant community with millions of supporters and investors.&nbsp;</p> 
<p>Generally, the essence of a token burn is to permanently reduce the total supply of tokens, inducing scarcity and subsequently triggering a possible <a href="https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-price-soars-10-in-reaction-to-explosive-2367-shib-burn-surge/" rel="nofollow noopener" target="_blank">increase in the value of the cryptocurrency</a>. Based on this, the reason for burning SHIB tokens is most likely to ensure that the meme coin’s value appreciates and remains robust. Furthermore, a <a href="https://www.newsbtc.com/altcoin/burns-shiba-inu-lunc-price/" rel="nofollow noopener" target="_blank">potential increase in the value</a> of Shiba Inu would significantly boost its standing in the crypto market, promoting a more sustainable and stable ecosystem for investors.&nbsp;</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/jLqVXeBe/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1518">

Shiba Inu Petition For Binance To Burn SHIB Tokens Crosses First Milestone

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