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

Table of Contents

Bitcoinist

Other articles published on Aug 6, 2024

Ripple CTO Comments on Recent Crypto Market Collapse

What's Going On With Bitcoin Mining Stock Marathon Digital Today?

Coinbase Announces Transition of Galxe Tokens to Gravity

Weekly Article Recap: 7/29-8/02

Bybit Introduces Pre-Market Perpetuals for Trading Upcoming Tokens

IOTA is Now a Shari’a-Compliant Token

Join our free newsletter for daily crypto updates!