- The Shiba Inu community has started a petition asking Binance to burn 1% of all SHIB token transactions daily.
- The petition has already surpassed 1,000 signatures and is nearing its goal of 1,500 additional votes.
The Shiba Inu community has initiated a petition targeting Binance, the world’s leading cryptocurrency exchange, to burn SHIB tokens. This move comes as part of a broader strategy to enhance the value of SHIB by reducing its supply.
Petition Gains Momentum and Approaches New Milestone
The petition, which was started on July 17, 2024, is to urge Binance to introduce daily burn of 1% of all SHIB token transactions. The initiative has been quite successful and has surpassed its first target of one thousand votes. The petition currently has 1,164 signatures and is only 10% away from its current target of 2,000 signatures, as pointed out by blockchain reporter Collin Brown.
The Shiba Inu community has shown a lot of interest in the initiative as proved by the above survey. A previous X (Twitter) account named ‘Shiba Arab army’ pointed out that Binance has always honored its obligations to burn LUNC tokens. This has led the account to encourage the community to call for the same burning mechanism for SHIB tokens and stand together.
The Shiba Arab army is rallying SHIB enthusiasts globally, from Thailand to the United States and Turkey. The concentration is on enhancing a unified and powerful voice to enhance the effects of their cause. The supporters are optimistic that the target of getting 50,000 signatures is possible since there are more than one million SHIB token holders across the world.
The campaign organizers have emphasized that signing the petition is free and does not require the purchase of SHIB tokens. With 50k signatures, the petition may help save the reputation of Shiba Inu and make sure that token burns are conducted by a credible platform.
SHIB Price Surges Amid Increased Trading Volume
Token burning is the process of removing tokens from the circulating supply and is often used to increase the scarcity of a token and, consequently, its price. The Shiba Inu community believes that the act of burning SHIB tokens can increase the value and stability of the coin in the market. This could also enhance its position in the cryptocurrency market, thus making it more stable and appealing to investors.
According to CNF Marketplace, Shiba Inu’s price has gained by 14.98% within the past 24 hours, now standing at $0.00001371.Therefore, the Shiba Inu market capitalization has fallen to $8.08 billion. Within the last day, the trading volume of Shiba Inu has increased by more than 16% to approximately $763.15M. This rise in trading volume may be an indication that a reversal is near.
Different analysts have come up with different estimates of the future performance of Shiba Inu. Changelly’s crypto trading experts believe that SHIB may shed one zero and surge past $0.0001 by 2027. They have set a low price target of $0.00010398 and a high price target of $0.00012298 with an average price target of $0.000107989.
Similarly, Telegaon, a crypto prediction platform, predicts that SHIB will trade at an average of $0. 000153 in 2027. This projection indicates that the token may cut one of its zeros in the next three years.
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