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Shiba Inu (SHIB) team has completed a new SHIB burn of over 8 billion, supported by Shibarium. This move came after the project’s lead developer, Shytoshi Kusama, confirmed last week that only SHIB tokens would be burned in Shibarium using Bone ShibaSwap (BONE) accumulations. The community was disappointed as it expected a token burn worth at least $1 million. Arthur Hayes, co-founder and former CEO of BitMEX, made a striking statement, claiming that Bonk (BONK) would surpass SHIB.
Arthur Hayes: Bonk Will Surpass Shiba Inu
Arthur Hayes, co-founder and former CEO of cryptocurrency exchange BitMEX, claimed on his personal X (formerly known as Twitter) account that the memecoin Bonk would become the second-largest memecoin, surpassing its rival Shiba Inu.
Hayes’s prediction followed Bonk’s listing on Coinbase, Binance, Crypto.com, and other major cryptocurrency exchanges last week. According to data, BONK has risen over 1000% in the last month and has removed two zeros from its price in the last two months. However, its price has recently dropped from its all-time high of $0.0000341 to $0.00001896, losing about half of its gains amid heavy profit-taking.
On the other hand, the Shiba Inu team recently sent 8.61 billion SHIB tokens worth $85,000 to the burn address, as part of their BONE accumulation in Shibarium. The BONE accumulation in Shibarium has now reached 1.41 million BONE, valued at over $1.05 million. The community was expecting a significant SHIB burn worth $1 million to help increase the prices of Shiba Inu ecosystem tokens by reducing the circulating token supply.
The Decline in SHIB’s Price
Shiba Inu’s burn mechanism is expected to boost SHIB’s price to $0.01 by burning trillions of tokens. However, the Shiba Inu team’s burn of only $85,000 worth of tokens has caused selling pressure on both SHIB and BONE.
SHIB’s price has dropped over 8% in the last 24 hours, currently trading at $0.000009819. The lowest and highest price levels for the altcoin in the last 24 hours were $0.00000974 and $0.00001072, respectively. Additionally, the trading volume has also significantly decreased in the last 24 hours. BONK’s price has also seen an 8% decrease during the same period, currently trading at $0.0000198.
