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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.
Also Read: Stacks (STX) Skyrockets 15% As STX20 Inscription Minting Causes Network Congestion
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.
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