Shiba Army Calls For Shiba Inu Burn On Binance & Coinbase

Shiba Inu (SHIB), the meme coin standing as Dogecoin’s eternal rival, has once again set off a wave of discussions across the global crypto community. According to a post by the Shiba Arab Army on X, Shiba Inu is eyeing a new burn initiative on Binance & Coinbase. This news has fueled significant optimism on Shiba Inu’s future price movements despite its recent bearish movement. So, let’s take a closer look at this new SHIB burn initiative.

SHIB Burn Initiative: What’s The Scoop?

In the Shiba Arab Army’s post on X, dated June 21, the community spotlighted how token burns substantially bolster a crypto’s market dynamics. The post reiterated that killing a coin’s market supply primarily creates scarcity.

Concerning this, the proposal to burn 1% of all transactions involving Shiba Inu tokens was rolled out today. This initiative was explicitly aimed at garnering support from Binance and Coinbase, globally renowned cryptocurrency exchanges.

Meanwhile, the Shiba Army also revealed that this decision banks in the footsteps of a similar recent occurrence. Binance jacked up the Terra Luna token burn, incinerating staggering amounts of LUNC. This appears to have triggered the Shiba Army’s new token burn initiative.

Additionally, it’s worth mentioning that the community’s own burn mechanism continues to destroy SHIB in the background. Today, the meme coin’s burn rate spiked over 500%, CoinGape Media reported.

However, Shiba Inu traded in the red, showing signs of a pullback over the past day.

Also Read: Ripple’s Promotion Under Scrutiny, Is XRP Security Status Under Threat?

SHIB Price Plunges

While writing, SHIB price saw a 4.82% decline in value, trading at $0.00001782. The coin’s 24-hour bottoms and peaks were evaluated as $0.00001751 and $0.00001879, respectively.

Coinglass data hinted at a mixed market sentiment for the asset, as its OI dipped 7.52% to $33.49 million while derivatives volume soared 8.34% to $117.26 million. This could be driving SHIB’s volatility witnessed today.

Also, the RSI further validated the meme coin’s price dip, resting near 27. This hints at an oversold condition, paving the road for buyers to enter the market at low price.

Also Read: Binance Finalizes Tether Integration on Toncoin Network, What Next For TON?