The Shiba Inu team successfully completed another Shibarium-powered burn of more than 8 billion. The move comes as lead developer Shytoshi Kusama confirmed last week that only SHIB tokens will be burned from the BONE accumulation for SHIB burn on Shibarium. The community expected a burn valued at least $1 million.
Arthur Hayes Sees Bonk Topping Shiba Inu
BitMEX co-founder Arthur Hayes in a post on X predicted that Bonk (BONK) meme coin will flip Shiba Inu (SHIB) to become the 2nd largest dog-themed meme coin.
It follows after Bonk was listed on Coinbase, Binance, Crypto.com and other top crypto exchanges last week. Bonk price rallied over 1000% in a month. However, the price has now dropped from ATH of $0.0000341 to $0.0000201 amid profit booking. Also, the Saga Mobile phones sold out amid massive demand due to Bonk airdrop.
Let’s do the damn thang.$BONK > $SHIB
🫡🫡🫡🫡🫡🫡 pic.twitter.com/ZQB1WecBEl
— Arthur Hayes (@CryptoHayes) December 17, 2023
Meanwhile, the Shiba Inu team has sent 8,615,169,427 SHIB tokens worth $85K to the burn address. It is part of BONE accumulation for SHIB burn on Shibarium. It has now reached 1.41 million BONE worth over $1.05 million. The community expected a massive $1 million worth SHIB burn to reduce the circulating supply of tokens, which help fuel Shiba Inu ecosystem tokens’ prices.
SHIB Price Drops
Shiba Inu burn mechanism is expected to burn trillions of tokens, making the SHIB price to hit $0.01. However, Shiba Inu team burning only $85K worth SHIB tokens resulted in a selloff in SHIB tokens, as well as BONE.
SHIB price fell over 8% in the past 24 hours, with the price currently trading at $0.00000982. The 24-hour low and high are $0.00000974 and $0.00001072, respectively. Moreover, the treading volume has also fallen immensely in the last 24 hours.
Meanwhile, BONK price trades at $0.0000198, down 8% in the last 24 hours.