Shiba Inu community revealed that it will burn SHIB on Binance and Binance USD

The Shiba Inu community seeks feedback on burning SHIB on Binance and Binance Exchange.
The community actively sought new ways to reduce the huge circulation of SHIB, proposing an initiative to potentially burn tokens through leading exchanges Binance and Binance.
A Shiba Inu enthusiast named "Shiba Inu Arab Army" launched an X-round vote on May 19, asking users to support the initiative to burn SHIB through Binance and Binance.
The vote's sponsors stressed the results were crucial to "getting the job done." With five days left before voting closes, the ballot has received 419 votes. While 95% participants supported the initiative to burn SHIB through Binance and Binance, the remaining 5% were opposed.
Ongoing SHIB Burning Campaign
Many in the Shiba Inu community believe that reducing the cryptocurrency’s massive circulating supply could increase the value of the remaining tokens. As a result, they have begun sending large amounts of SHIB to official cold wallets, permanently removing the tokens from circulation.
Shiba Inu was launched with a total supply of 1 quadrillion tokens, and there are now only 583.31 quadrillion SHIB in circulation. The Ethereum community and founder Vitalik Buterin has burned a total of 410,727,009,502,240 (410.72 trillion) SHIB. While Buterin burned 410 trillion SHIB in 2021, the Shiba Inu community has destroyed more than 72 billion SHIB since its inception.
Data from Shibburn shows that 37,534,163 (37.53 million) SHIB has been sent to cold wallets in the past day, increasing the asset’s burn rate to 529.72%. However, the 37.53 million SHIB destroyed in the past day is only a small fraction of the token’s massive circulating supply.
Will Binance support SHIB burn events like LUNC?
Meanwhile, Binance is no stranger to supporting token burn events. Recall that the exchange launched an initiative to burn LUNC using 50% from the token’s spot and margin trading fees. The move marks the exchange’s contribution to making the victims of the Terra ecosystem collapse whole.
As of May 1, Binance’s total LUNC burnt had reached a staggering 58.93 billion, worth $5.6 million at the time. The specific methods by which the Shiba Inu community hopes to burn SHIB through these top exchanges remain to be seen.
Notably, having Binance and Binance contribute to the burn event could significantly reduce the circulating supply of Shiba Inu and potentially strengthen the token’s value.
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