In a recent development, the Shiba Inu team conducted a successful Shibarium-powered burn, burning 8 billion SHIB tokens. This strategic move is in line with lead developer Shytoshi Kusama’s recent confirmation that only SHIB tokens will be burned from the BONE accumulation for SHIB burning on Shibarium. Despite the community’s expectation of a burn of at least $1 million, the team has made a notable contribution to ongoing efforts to reduce the circulating supply of SHIB tokens.
SHIB will lag behind BONK, according to Arthur Hayes
BitMEX co-founder Arthur Hayes made a bold prediction and predicted that the Bonk (BONK) meme coin will become the second largest dog-themed meme coin, surpassing Shiba Inu (SHIB). This follows Bonk’s recent listings on major crypto exchanges including Coinbase, Binance, and Crypto.com. Meme coin experienced a remarkable rise of over 1000% in just one month, reaching an all-time high of $0.0000341. It then corrected towards $0.0000201 amid profit booking. The rise in popularity of Bonk is further evident by the sell-out of Saga Mobile phones due to the Bonk airdrop. Because this underlines the huge demand of the coin and its impact on related products.
Coin burns are becoming more evident
Simultaneously cryptokoin.com As we reported, the Shiba Inu team burned 8,615,169,427 SHIB tokens amounting to 85 thousand dollars. This burn is part of the ongoing BONE accumulation for the SHIB burn at Shibarium, which has currently accumulated 1.41 million BONE worth over $1.05 million. The community was expecting a more significant SHIB burn worth $1 million to significantly reduce the circulating token supply and positively impact the prices of Shiba Inu ecosystem tokens.
Despite the community’s expectations, the burn triggered sales in both SHIB and BONE tokens. The market reaction has led to an 8% drop in SHIB price over the last 24 hours, with the current trading price being $0.00000982. The 24-hour low and high are at $0.00000974 and $0.00001072 respectively. Additionally, there was a significant decrease in transaction volume during the same period.
Conclusion: Will BONK beat SHIB?
As the Shiba Inu ecosystem moves forward in the wake of this burning and market reaction, attention is focused on the evolving dynamics between Shiba Inu and Bonk, as predicted by Arthur Hayes. The crypto community looks forward to further developments and their impact on the broader meme coin landscape.
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