Athur Hayes Predicts Bonk Flipping Shiba Inu; Shibarium Burns Another 8 Bln SHIB

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.

Also Read: Bitcoin’s Bull Run at Risk? Analyst Flags Concerns As Network Growth Stalls

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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