The Shiba Inu community has officially asked Binance to burn SHIB
The Shiba Inu community is stepping up efforts to get Binance to burn SHIB tokens using a portion of the token trading fees. Popular community member Labib recently launched a petition on Change.org asking the world's largest cryptocurrency exchange to implement a daily burn rate of 1% of all Shiba Inu trading commissions on its platform.
According to Labib, the move is necessary for the long-term success and sustainability of Shiba Inu. The community member emphasized that the proposal would help reduce the huge amount of SHIBs in circulation, potentially increasing scarcity and raising the price of the token. Labib said that while members of the Shiba Inu community believe in the potential and unique tokenomics of SHIBs, they recognize incineration as an important way to strengthen the token's value proposition.
As of July 18, the petition has already collected 111 signatures out of the original 200. Meanwhile, the petition has 142 signatures and is 58 signatures away from reaching its original goal. Notably, the ultimate goal is to reach the 50,000 signature mark. Interestingly, the creator of the petition believes that the community could reach the 50,000 signature goal by spreading the petition to all corners of the Shiba Inu ecosystem.