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

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.

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

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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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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