The Shiba Inu community is intensifying efforts to have Binance burning SHIB tokens using a portion of the token’s trading fees. Popular community member Labib recently launched a petition on Change.org asking the world’s largest crypto exchange to implement a daily burn of 1% of all Shiba Inu trading fees on its platform.
According to Labib, this move is necessary for the long-term success and sustainability of Shiba Inu. The community member highlighted that this proposal would help reduce the massive amount of SHIB in circulation, potentially increasing scarcity and increasing the price of the token. Labib said that while members of the Shiba Inu community believe in the potential and unique tokenomics of SHIB, they recognize burning as an important way to strengthen the token’s value proposition.
As of July 18, the petition has already attracted 111 signatures out of the initial target 200. In the meantime, the petition boasts 142 signatures, with 58 signatures left before it reaches its initial target. Notably, the ultimate goal is to hit a milestone of 50,000 signatures.
The creator of the petition believes the community could achieve the 50,000 signature target by sharing it across every nook and cranny of the Shiba Inu ecosystem.
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