Shiba Inu Lead Shytoshi Kusama Confirms Over $1 Million In SHIB And BONE Burn

Varinder Singh
December 9, 2023
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SHIB Burn Skyrockets 3600% Amid Shiba Inu ETF Buzz

Shiba Inu lead developer Shytoshi Kusama on Saturday took to X in response to rising speculation of both Shiba Inu (SHIB) and Bone ShibaSwap (BONE) burn through Shibarium-powered burn. It follows as Shiba Inu team burned SHIB tokens worth $75,000 in the first burn from BONE tokens accumulated for SHIB burn on Shibarium.

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Shiba Inu’s Shytoshi Kusama Adheres To SHIB Burn Only

Shiba Inu’s Layer-2 scaling solution Shibarium has successfully undergone its first significant hard fork and the new development comes with multiple crypto tokens burn model.

Shytoshi Kusama responded to a community member’s post about whether the development team will burn SHIB and BONE tokens after the hard fork. Shytoshi Kusama confirmed burning only SHIB tokens by saying “No. Burn Shib. Period.

BONE accumulation for SHIB burn on Shibarium has now reached 1.35 million BONE worth over $1.2 million. The community now awaits a massive SHIB burn to reduce the circulating supply of tokens, which will help fuel Shiba Inu ecosystem tokens’ prices.

On Dec 4, the Shib team burned 8.24 billion SHIB worth $75,000 as part of the Shibarium burn. Meanwhile, the team looks to increase the burn capacity through a new burn mechanism, as reported by developer Kaal Dhairya.

Read More: Shiba Inu Burn Rate Soars 83000% As Whale Shifts 4 Tln SHIB

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SHIB Price To Hit $0.01

Shiba Inu burn mechanism is expected to burn trillions of tokens, making the SHIB price to hit $0.01. SHIB, BONE, LEASE saw double-digit gains this week amid massive burns and new developments.

SHIB price jumped 2% in the past 24 hours, with the price currently trading at $0.0000102. The 24-hour low and high are $0.0000099 and $0.0000104, respectively.

BONE and LEASH tokens fell and trade lower at $0.89 and $348 as the SHIB team will burn only SHIB tokens.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.