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Shiba Army Urges Shiba Inu Burn on Binance & Coinbase Amid Dip
The post Shiba Army Urges Shiba Inu Burn on Binance & Coinbase Amid Dip appeared on BitcoinEthereumNews.com. The Shiba Inu community has proposed a new burning mechanism on Binance and Coinbase, that could see the circulating supply plummet drastically. Shiba Inu’s SHIB has come under intense pressure with the asset posting mixed market sentiments which could be driving high volatility. As volatility around Shiba Inu (SHIB) rises, the Shiba Inu community, commonly referred to as the “ShibArmy”, has offered a proposal that could see SHIB’s circulating supply plummet drastically. The new proposal has fueled massive optimism around the memecoin with investors eyeing a new all-time high. The community has proposed a new burning mechanism on two of the largest cryptocurrency exchanges, Binance and Coinbase. These mechanisms have proven successful for other crypto projects, most notably Terra Luna (LUNC). As CNF has in the past highlighted, the LUNC community has been pushing this initiative with a major contribution from Binance. Late last month, Binance burnt over 59 billion LUNC tokens as a continued plot to revive the Terra Luna ecosystem with the exchange contributing to 51.9% of the community’s total burns. A similar initiative could be in the works for SHIB. This could drive the burning rate for SHIB, leading to lower supply and higher demand. According to the latest from Shibburn, a SHIB burning tracking platform, the burn rate has rallied by 1235.99% in the past 24 hours. This brings the total amount of tokens burnt to 410,727,033,470,341, leaving the total circulating supply at 583,325,252,660,104. Despite these developments, SHIB is struggling to maintain bullish momentum. As Crypto News Flash data shows, SHIB is down by 1.5%. This sees the memecoin extend its token by 14% on the weekly chart. In recent months, SHIB has emerged as a formidable challenger for Dogecoin, the most popular memecoin in the space. Exchanging, for $0.00001781, SHIB ranks 12th with a market…
The post Shiba Army Urges Shiba Inu Burn on Binance & Coinbase Amid Dip appeared on BitcoinEthereumNews.com.
The Shiba Inu community has proposed a new burning mechanism on Binance and Coinbase, that could see the circulating supply plummet drastically. Shiba Inu’s SHIB has come under intense pressure with the asset posting mixed market sentiments which could be driving high volatility. As volatility around Shiba Inu (SHIB) rises, the Shiba Inu community, commonly referred to as the “ShibArmy”, has offered a proposal that could see SHIB’s circulating supply plummet drastically. The new proposal has fueled massive optimism around the memecoin with investors eyeing a new all-time high. The community has proposed a new burning mechanism on two of the largest cryptocurrency exchanges, Binance and Coinbase. These mechanisms have proven successful for other crypto projects, most notably Terra Luna (LUNC). As CNF has in the past highlighted, the LUNC community has been pushing this initiative with a major contribution from Binance. Late last month, Binance burnt over 59 billion LUNC tokens as a continued plot to revive the Terra Luna ecosystem with the exchange contributing to 51.9% of the community’s total burns. A similar initiative could be in the works for SHIB. This could drive the burning rate for SHIB, leading to lower supply and higher demand. According to the latest from Shibburn, a SHIB burning tracking platform, the burn rate has rallied by 1235.99% in the past 24 hours. This brings the total amount of tokens burnt to 410,727,033,470,341, leaving the total circulating supply at 583,325,252,660,104. Despite these developments, SHIB is struggling to maintain bullish momentum. As Crypto News Flash data shows, SHIB is down by 1.5%. This sees the memecoin extend its token by 14% on the weekly chart. In recent months, SHIB has emerged as a formidable challenger for Dogecoin, the most popular memecoin in the space. Exchanging, for $0.00001781, SHIB ranks 12th with a market…
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