- Shiba Inu community member launches a petition to get Binance to burn 1% of all Shiba Inu trading fees on the platform.
- 374 signatures out of the current target of 500 have been recorded, with the ultimate goal of 50,000 signatures expected to be achieved soon.
In December 2023, Shiba Inu (SHIB) announced its decision to trigger a burning mechanism to fulfil a crucial provision on its roadmap. As we reported, the burning mechanism was categorized into two major phases – the manual phase and the automatic transition. As promised, the automatic transition was commenced in January 2024 with expectations that it would stabilize the network and boost the value of SHIB.
For efficient results, the success of this mechanism was tied to the adoption rate of the network. As of May 11, 410 trillion Shiba Inu tokens had been burnt in the last three years. Interestingly, the Shiba Army believes that more could be achieved as they petition Binance Exchange to join this flagship initiative.
To get the community involved in this campaign, an enthusiast identified as Labib has launched a petition on Change.org to request the implementation of a daily burn of 1% of all Shiba Inu trading fees on the Binance platform.
According to our review of the petition, Labib believes that the value proposition of the asset could be significantly enhanced through the reduction of the circulating supply. The creator also clarified that although the Shib Army believes in the unique tokenomics and the potential of the asset, subjecting it to effective burning strategies could solidify its long-term sustainability.
We, the Shiba Inu community, earnestly request Binance to implement a daily burn mechanism of 1% for all Shiba Inu token transactions. This initiative is critical to the long-term success and sustainability of the Shiba Inu token (SHIB)…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.
More on the Petition to Get Binance Burn Shiba Inu Trading Fees
As of press time, the petition had already surpassed its initial target of 200 signatures and had reached 374 out of the current target of 500 signatures. Ultimately, 50,000 signatures are expected as the creator calls on the entire community to get involved and share.
We have 111 signatures. The road is still long, but we are strong and need more. Don’t stop the petition; let it reach a large number of people. Send it in private messages to the #shib community, let it reach everywhere. Don’t stop we will reach the dream. All you need to do is believe in yourself. You are the strongest. Our goal is 50,000 signatures.
The ongoing petition comes after a prominent figure in the crypto industry, identified as Lola, asked Binance to extend its support for LUNC to the SHIB token. For context, Binance has consistently supported the campaign of bolstering the prices of LUNC and USTC by burning 100% of its monthly trading fees from spot and margin pairs. However, this commitment was later reduced to 50% after controversies surrounding the re-minting of incinerated LUNC arose. Currently, 62.13 billion LUNC ($4.43 million) has been burnt by the exchange.
At press time, Shiba Inu was trading at $0.0000177 after surging by 3% in the last 24 hours.
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