The Shiba Inu community has petitioned Binance to consider an automatic burning method for SHIB tokens. Although negotiations have not yet begun, the petition has already gained significant support.
LUNC Community Example
- The petition, signed by 1,132 crypto enthusiasts, is inspired by the Terra Luna Classic (LUNC) community. One of the active members of the SHIB Army, Labib, calls for following the example of LUNA and demanding the burning of SHIB through daily transactions.
Binance Experience with LUNC
- Binance already regularly burns LUNC tokens, charging 50% trading fees and sending them for burning at the beginning of each month. This helps reduce the number of coins and potentially increases their price.
Expectations for burning SHIB
- If Binance accepts the proposed mechanism, burning 1% of the total supply of SHIB daily could significantly change the market. The balance of SHIB tokens is about 589 trillion, which is much more than LUNC.
Current market performance of SHIB
- Following the recent news that the US Federal Reserve will not cut interest rates, the crypto market has experienced a decline. Shiba Inu price today is $0.000015 with a 24-hour trading volume of $283,442,589. We update our SHIBB to USD rate in real time. Shiba Inu fell 4.19% in the last 24 hours. CoinMarketCap's current ranking is#13with a current market capitalization of $8,676,886,472. There are 589,270,520,002,238 SHIB coins in circulation.
Potential impact of automatic combustion
- Automatic burning of SHIB tokens could stabilize and increase their market value by burning billions of tokens daily. This is especially important in conditions of equal distribution of profits among SHIB holders.
Prospects and plans for Shibarium L2
- Shibarium L2 developers are already working on the SHIB automatic combustion mechanism, which they plan to release by the end of 2024. Binance, which processes about 20% of all SHIB transactions, could supplement this mechanism with its own transactions.
The Importance of Token Burning
- Burning cryptocurrency tokens is an effective way to increase their scarcity, which can lead to increased demand and prices in the market.
At the time of publication, SHIB's price is $0.00001475, down 2% in the last 24 hours but still up 88.5% year-on-year.
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