Shiba Inu (SHIB) Considers Launching New Burn Initiative on Binance and Coinbase, Sparking a Surge of Discussions among Community Members

The meme coin Shiba Inu (SHIB), considered Dogecoin's everlasting competitor, has once again sparked a surge of discussions among members of the cryptocurrency

Shiba Inu (SHIB SHIB), the meme coin that is Dogecoin's eternal rival, has once again become a topic of discussion among members of the cryptocurrency community around the world.

As an article published on Friday by the Shiba Arab Army, Shiba Inu is reportedly planning to launch a new burn initiative on Binance and Coinbase.

Despite the recent bearish movement of the Shiba Inu price, this news has generated immense optimism for the future price movements of the Shiba Inu.

First, let’s look deeper into this new SHIB burn idea.

So, what is the SHIB Burn Initiative all about?

The community, in a post shared on Friday by the Shiba Arab Army, brought attention to the fact that token burns greatly enhance a cryptocurrency’s market dynamics. The post went on to state that the primary factor that drives scarcity is the removal of a coin’s market supply from circulation, as noted by Coingape.

In particular, regarding this matter, a proposal was recently presented to burn one percent of all transactions involving Shiba Inu tokens. This effort was undertaken with the specific goal of obtaining support from Binance and Coinbase, two cryptocurrency exchanges that are well-known throughout the world.

Meanwhile, the Shiba Army revealed that this decision comes after a recent incident that was quite similar. Binance increased the Terra Luna (LUNA) token burn, which resulted in the destruction of a massive amount of LUNC. This appears to have sparked the new token burn initiative that the Shiba Army is working on.

Moreover, it is worth noting that the community’s own burn mechanism continues to destroy SHIB in the background. According to a report by CoinGape Media, the meme coin burn rate has surged by over 500% for the day.

Shiba Inu price drops

Over the past 24 hours, Shiba Inu has been trading in the red, indicating that it is beginning to pull back.

At the time of writing, SHIB was trading down by 4.82 percent at a price of $0.00001782. The lowest and highest points of the coin’s 24-hour trading range were $0.00001751 and $0.00001879, respectively.

Data from Coinglass showed that the asset had mixed market sentiment. Its open interest (OI) fell by 7.52 percent to stand at $33.49 million, whereas the derivatives volume noted an uptick of 8.34 percent to reach $117.26 million. This may be contributing to the volatility that SHIB has been experiencing today.

Additionally, the Relative Strength Index (RSI) confirmed the price decrease of the meme coin, being close to 27. This shows that the market is now oversold, allowing buyers to enter the market at a lower cost.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-considers-launching-burn-initiative-binance-coinbase-sparking-surge-discussions-community.html

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