Like LUNC, Shiba Inu Community Pushes for Binance Support in SHIB Burn.

The Shiba Inu (SHIB) community is advocating for increased token burning to reduce the cryptocurrency’s circulating supply and potentially boost its price.

The official burn tracker for SHIB, Shibburn, is exploring the possibility of collaborating with cryptocurrency exchange Binance to implement a burning mechanism similar to the one currently used for LUNC.

Community Requests Binance to Burn SHIB

This initiative follows a request from prominent Shiba Inu community member Lola, who politely petitioned Binance CEO Richard Teng to consider burning a portion of SHIB’s trading fees on the exchange. Lola highlighted Binance’s existing support for LUNC burning and expressed hope for a similar approach with SHIB.

A recent community poll revealed overwhelming support for burning SHIB on major exchanges like Binance and Coinbase. Over 96% of participants endorsed this proposal. However, these requests have yet to be acknowledged by the targeted exchanges, leaving community members to rely on independent burning initiatives.

Following the collapse of the Terra ecosystem in 2022, the community launched a recovery campaign aimed at reviving the prices of LUNC and USTC. A key element of this campaign involved sending LUNC tokens to a designated “dead wallet,”

Binance pledged to support this effort by burning 100% of the LUNC trading fees collected from spot and margin trading pairs. However, this commitment was later reduced to 50% due to controversies surrounding re-minting the burned LUNC tokens.

Potential Impact of Binance Burning Shiba Inu (SHIB)

While Binance has not expressed plans to extend its burning program to other tokens like SHIB, the community believes such a move could significantly reduce SHIB’s circulating supply.

Currently, over 410.72 trillion SHIB tokens have been burned. However, despite these efforts and a large initial burn by Ethereum co-founder Vitalik Buterin in 2021, Shiba Inu still possesses a substantial circulating supply exceeding 583 trillion tokens.