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Shiba Army Calls for Burning of Shiba Inu on Binance and Coinbase
Shiba Inu (SHIB), the meme coin that is Dogecoin’s eternal rival, has once again triggered a wave of discussions across the global crypto community. According to a post by Shiba Arab Army on X, Shiba Inu is eyeing a new burning initiative on Binance & Coinbase. This news has fueled significant optimism about Shiba Inu’s future price movements, despite its recent downward movement. So let’s take a closer look at this new SHIB burning initiative.
SHIB Burn Initiative: What’s new?
In the Arab Shiba Army post on X, dated June 21, the community highlighted how the burning of tokens substantially reinforces the dynamics of the cryptocurrency market. The post reiterated that eliminating a currency’s market supply primarily creates scarcity.
In this sense, the proposal to burn 1% of all transactions involving Shiba Inu tokens was launched today. This initiative was explicitly aimed at gaining the support of Binance and Coinbase, world-renowned cryptocurrency exchanges.
Meanwhile, the Shiba Army also revealed that this decision follows in the footsteps of a similar recent occurrence. Binance increased the burning of Terra Luna tokens, incinerating impressive amounts of LUNC. This appears to have triggered the Shiba Army’s new token burning initiative.
Additionally, it’s worth mentioning that the community’s own burning mechanism continues to destroy SHIB in the background. Today the meme coin burn rate increased by more than 500%, CoinGape Media reported.
However, Shiba Inu traded in the red, showing signs of pullback in the last day.
Read too: Ripple Promotion Under Scrutiny, Is XRP’s Security Status Under Threat?
SHIB price drops
While writing, SHIB Price saw a 4.82% decline in value, trading at $0.00001782. The coin’s 24-hour lows and peaks were valued at $0.00001751 and $0.00001879, respectively.
Data from Coinglass suggested mixed market sentiment for the asset, with its OI falling 7.52% to $33.49 million, while derivatives volume soared 8.34% to $117.26 million. This may be driving the SHIB volatility witnessed today.
Additionally, the RSI further validated the drop in the meme coin’s price, settling near 27. This suggests an oversold condition, paving the way for buyers to enter the market at low prices.
Read too: Binance Finalizes Tether Integration into Toncoin Network, What’s Next for TON?