๐ฅ Ongoing SHIB Burn Campaign ๐ฅ
Many Shiba Inu community members believe reducing the cryptocurrencyโs hefty circulating supply could potentially increase the value of the remaining tokens. Consequently, they have resorted to sending huge amounts of SHIB to the official dead wallet, permanently removing the tokens from circulation. ๐ธ๐ฅ
๐ Shiba Inu, which launched with a total supply of 1 quadrillion tokens, now has only 583.31 trillion SHIB in circulation. The community and Ethereum co-founder Vitalik Buterin have burned a combined 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed over 72 billion SHIB since inception. ๐ฅ๐
๐ Data from Shibburn confirms that 37,534,163 (37.53 million) were sent to the dead wallet over the past day, boosting the assetโs burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a fraction of the tokenโs hefty circulating supply. ๐ฅ๐
๐ค Will Binance Support SHIB Burns Like LUNC? ๐ฆ
Meanwhile, Binance is not new to supporting a tokenโs burn initiative. Recall that the exchange launched an initiative to burn LUNC using 50% of the tokenโs spot and margin trading fees. The move marks the exchangeโs contribution to making victims of the Terra ecosystem collapse whole. ๐ธ๐ฅ
๐ As of May 1, Binanceโs total LUNC burns hit a whopping 58.93 billion, valued at $5.6 million at the time. It remains to be seen how the Shiba Inu community hopes to burn SHIB via these top exchanges. ๐๐ฐ
๐ Notably, getting Binance and Coinbase to contribute to the burn campaign could drastically reduce Shiba Inuโs circulating supply and potentially bolster the tokenโs value in the long run. ๐๐ฅ#BinanceTournament #CryptoTradingGuide #MicroStrategy #CertiKvsKraken #LayerZero
