Binance CEO Faces SHIB Army’s Pleading to Start Burning SHIB, Here’s Why

The SHIB community is urging Binance CEO Richard Teng to start burning Shiba Inu tokens, mirroring the strategy used for LUNC, to enhance the value and utility of SHIB.

Points

• SHIB community requests Binance CEO to burn Shiba Inu tokens using trading fees.
• Binance has been burning LUNC tokens since 2022 to support the Terra Luna Classic project.
• SHIB burn rate increased by 355.31% in the last 24 hours, indicating strong community efforts.

SHIB Community’s Plea to Binance CEO

In a recent tweet, members of the SHIB community have requested Binance CEO Richard Teng to start burning Shiba Inu tokens. The community suggests that Binance could use the trading fees from SHIB transactions to facilitate the burn, similar to what it has been doing for LUNC tokens.

Several SHIB fans and activists addressed Teng under his tweet dedicated to spot Bitcoin ETFs and overall high interest in Bitcoin, asking him to order that the Binance team begin burning Shiba Inu meme coins.

They referred to Binance already burning LUNC tokens using their proceeds from trading fees, suggesting that the same could be done with SHIB. Binance has been helping to burn LUNC since 2022 to help revive the Terra Luna Classic （LUNC） project after the tremendous crash it faced that year.

Can you please burn some #SHIB from the revenues you receive from trading fees? You do this to LUNC and perhaps you can also do this to SHIB

https://twitter.com/CryptoLollla/status/1810587322121146478

According to Shibburn, the daily SHIB burn rate has increased by 355.31% in the last 24 hours. This rise is due to a total of 28,256,594 SHIB being burned in 11 transactions, reflecting strong community efforts to enhance the value of SHIB through regular burns.

Explanation

• SHIB Community Efforts: The SHIB community is actively pushing for token burns to increase the value and utility of SHIB.
• Binance’s Role: Binance’s past actions with LUNC burns demonstrate the potential impact of similar strategies for SHIB.
• Burn Rate Impact: A higher burn rate can reduce the total supply of SHIB, potentially increasing its value over time.