Shiba Inu enthusiasts are considering the possibility of burning SHIB tokens from popular exchanges Binance and Coinbase in an effort to reduce the cryptocurrency’s circulating supply. A community member named ‘Shiba Arab Army’ has initiated a poll to gauge support for this initiative, emphasizing the importance of user votes in achieving the goal. Currently, 95% of participants are in favor of burning SHIB, while 5% disagree.
The Shiba Inu community has already been actively burning tokens by sending them to the official dead wallet, effectively removing them from circulation. This strategy aims to increase the value of the remaining tokens. So far, a significant amount of SHIB has been burned, with Ethereum co-founder Vitalik Buterin and the community collectively destroying over 410 trillion tokens.
Binance has previously supported burn initiatives, such as with the token LUNC, where 50% of spot and margin trading fees were used for burns. This resulted in a substantial reduction in LUNC’s supply. If Binance and Coinbase join forces with the Shiba Inu community, it could further reduce SHIB’s circulating supply and potentially enhance its long-term value.