Shiba Inu Community launched a petition calling on Binance, the world’s largest cryptocurrency exchange, to burn SHIB tokensThe petition, which has received an overwhelming response from SHIB supporters, has reached its first milestone, collecting over 1,000 votes.
Shiba Inu Petition Surpasses 1000 Votes
The Shiba Inu community has taken significant, bold steps in its efforts to escalate the value of SHIB. July 17, 2024 the community started a petitionasking Binance to implement a daily burn mechanism of 1% of all SHIB token transactions.
This Binance the petition has gained significant support from various members of the community, extraordinary its first milestone, gaining 1,164 votes in just a few weeks. The petition is also close 90% of goal achieved. Only 1500 signatures are needed to complete the current phase.
Highlighting the importance of the petition to burn symbols, the X (formerly Twitter) account identified as “Shiba Arab Army” recorded that Binance consistently delivers on its promises to the community, burning LUNC tokensAs a result, the SHIB supporter called on the community to support similar smoking practices and encouraged members to remain firm in their efforts to systematically Burning SHIB tokens via Binance.
In addition, the Shiba Arab army is Attempt to unite all members of the SHIB community from different countries, including Thailand, the United States (USA), and Turkey. The supporter stressed the importance of maintaining a united front, saying that unity and a powerful collective voice will strengthen the community.
The Shiba Arab army as well revealed that the end goal for the community is to reach 50,000 votes. over a million wallets With Shiba Inu tokens all over the world, they believe that reaching the 50,000 vote mark should be possible.
Additionally, the SHIB supporter noted that there is no cost to signing the petition and does not require the purchase of SHIB tokens. revealed that submitting a petition with 50,000 signatures will potentially prevent the operate of the Shiba Inu name and ensure that all symbolic burns are carried out through a reliable and trustworthy platform.
Why smoking SHIB matters
Shiba Inu is currently the second largest meme-based cryptocurrency Market capitalization. Although Shiba Inu was created as a decentralized meme coin with no intrinsic value, it has grown exponentially over the years, creating a lively community with millions of supporters and investors.
In general, the essence of token burning is to permanently reduce the total token supply, creating a shortage and subsequently triggering a possible cryptocurrency value escalate. Based on this, the reason for burning SHIB tokens is most likely to ensure that the value of the meme coin increases and remains powerful. Furthermore, potential escalate in value The Shiba Inu would greatly strengthen its position in the cryptocurrency market, promoting a more balanced and stable ecosystem for investors.
Featured image created with Dall.E, chart from Tradingview.com
