A formal petition on Change.org has been started by the Shiba Inu Army with the goal of convincing Binance, the biggest cryptocurrency exchange in the world, to burn one percent of all Shiba Inu (SHIB) token transactions every day. On July 17, 2024, a well-known community member by the name labib_co shib, known as Labib, started the proposal.
Can The Shiba Inu Army Convince Binance?
The petition outlines the Shiba Inu community’s unequivocal request to Binance to implement a token burn mechanism, which would systematically remove 1% of SHIB tokens used in daily exchange transactions. The petition states that the goal of this burn is to decrease the amount of SHIB in circulation, which could raise the token’s scarcity and value.
“This initiative is critical to the long-term success and sustainability of the Shiba Inu token (SHIB). Burning tokens reduces the circulating supply, creating scarcity and potentially increasing the token’s value,” the petition reads.
As of today, July 19, 2024, the petition has 149 signatories. Its ambitious goal is to gather 50,000 signatures in order to garner community support and push Binance to take this proposal seriously. “We urge Binance, one of the largest and most influential cryptocurrency exchanges, to heed the voice of the Shiba Inu community. Implementing this burn mechanism is a testament to Binance’s commitment to its users and the projects it supports,” Labib writes within the petition.
With an initial supply of 1 quadrillion tokens, the Shiba Inu token has seen substantial burns in the past, with over 410.72 trillion SHIB already removed from circulation, according to data by Shibburn. Despite these burns, there remains a substantial supply of more than 589.27 trillion tokens in circulation, highlighting the need for ongoing and structured burn mechanisms.
The petition by Labib underscores the community’s belief in SHIB’s potential and unique tokenomics, viewing burns as crucial to enhancing the token’s value proposition. Labib emphasized in the petition: “By burning 1% of all daily transactions, we can significantly enhance the value proposition of SHIB and reward the community that has passionately supported this project from the beginning.”
The Shiba Inu community is no stranger to leveraging online petitions to effect changes favorable to its interests. A notable success was the listing of SHIB on the trading platform Robinhood in 2022, following a community-driven petition campaign.
Moreover, the community’s recent actions include outreach to Binance’s leadership, with community influencer Lola advocating earlier this month for the extension of the exchange’s LUNC burn support to include SHIB. As reported by Bitcoinist, Lola queried Binance CEO Richard Teng on July 9 to extend the exchange’s token burn model to Shiba Inu, using a portion of the token’s spot and margin trading fees for the burn. Notably, Binance teased via X a few days ago: “pawsitively prepped for the next chapter!”
At press time, SHIB traded at $0.00001724.
Featured image from Change.org, chart from TradingView.com
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