The Shiba Inu (SHIB) team has completed the burning of over 8 billion SHIB tokens supported by Shibarium. This comes after the project’s lead developer, Shytoshi Kusama, confirmed that only SHIB tokens would be burned using BONE accumulations on Shibarium. The community, which was expecting a token burn of at least $1 million, was disappointed.
Arthur Hayes, the former CEO and co-founder of BitMEX, made a striking statement claiming that Bonk (BONK) would surpass SHIB.
Hayes’ prediction followed Bonk’s listing on Coinbase, Binance, Crypto.com, and other major cryptocurrency exchanges. BONK has gained over 1000% in value in the last month and has shed two zeros from its price in the last two months. However, it has lost half of its gains, falling from its all-time high of $0.0000341 to $0.00001896.
On the other hand, the Shiba Inu team sent 8.61 billion SHIB tokens worth $85,000 to a burn address as part of the BONE accumulation on Shibarium. The BONE accumulation on Shibarium has now reached 1.41 million BONE, valued at over $1.05 million.
SHIB’s burning mechanism aims to increase 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 created selling pressure on both SHIB and BONE. SHIB’s price has dropped by more than 8% in the last 24 hours and is currently trading at $0.000009819.