Massive Shiba Inu Burns May Come As SHIB Burn Tracker Considers This

Shiba Inu enthusiasts push for a substantial reduction in $SHIB’s hefty circulating supply through more burns.

Shiba Inu’s official burn tracker, Shibburn, is exploring the idea of burning $SHIB on Binance using the token’s trading fees, mirroring the exchange’s approach to $LUNC incineration.

Consequently, Shibburn questioned whether Binance could extend its burn support to Shiba Inu.

Imagine @Binance burning from the $SHIB trading fees just like they do for $LUNC. Could it happen? 🤔 https://t.co/am2EMIQMU4

— Shibburn (@shibburn) July 9, 2024

Community Demands $SHIB Burn from Binance

Shibburn raised the question after prominent community figure Lola made a polite request to Binance CEO Richard Teng. In an X comment, Lola asked Binance, under the leadership of Teng, to burn $SHIB with a fraction of the revenue obtained from the token’s trading fees.

Lola compared Binance’s support for $LUNC burn to that of $SHIB and suggested that the exchange extend this support as well.

The Shiba Inu community members had been considering the possibility of burning $SHIB on leading exchanges, including Binance and Coinbase. According to a recent X poll, over 96% of participants supported the initiative to burn $SHIB on these exchanges.

However, the exchanges have ignored these demands, leaving community members to burn $SHIB themselves.

Binance’s $LUNC Burn

Following the collapse of the Terra ecosystem in 2022, the community embarked on a revival campaign to bolster the prices of $LUNC and USTC. Part of the revival campaign includes sending $LUNC tokens to the official dead wallet.

Interestingly, Binance declared support for the initiative, pledging to burn 100% of the monthly trading fees obtained from $LUNC spot and margin pairs. However, the exchange reduced its commitment to 50% due to controversies surrounding the re-minting of incinerated $LUNC.

Data from $LUNC Metrics shows that Binance has burned 62.13 billion $LUNC, worth $4.43 million. Binance’s contribution accounts for 49.2% of the total $LUNC burns. Similarly, the exchange has also sent 4.38 million USTC to the dead wallet, representing 0.18% of the total USTC burn.

Potential Impact of Binance Burn on $SHIB

Meanwhile, Binance has not indicated plans to extend this support to other tokens, like Shiba Inu. So far, 410,727,493,429,684 (410.72 trillion) $SHIB have been incinerated, with 27.76 million burned in the past 24 hours.

Notably, Ethereum’s co-founder Vitalik Buterin burned 410 trillion of these tokens in 2021. Despite this incineration, Shiba Inu is still left with a hefty circulating supply of over 589 trillion tokens.

Should Binance heed the community’s request and burn Shiba Inu using part of its trading fees, it could drastically reduce $SHIB’s circulating supply, enhancing the price of the remaining tokens.