Shiba Inu and Bonk Heat Up Meme Coins Markets
The recent Shibarium-powered burn by the Shiba Inu team saw over 8 billion tokens successfully removed.
Lead developer Shytoshi Kusama confirmed that exclusively SHIB tokens will be burned from the BONE accumulation on Shibarium, a move anticipated to surpass a $1 million valuation.
Arthur Hayes, co-founder of BitMEX, made predictions about BONK, suggesting it could overtake Shiba Inu as the second-largest dog-themed meme coin. This comes after Bonk’s listing on major exchanges like Coinbase, Binance, and Crypto.com, which initially led to a staggering 1000% surge in price.
However, the value has since dropped from its all-time high of $0.0000341 to $0.0000201 due to profit booking. Additionally, the demand for Saga Mobile phones soared following a Bonk airdrop.
Simultaneously, the Shiba Inu team initiated a burn of 8,615,169,427 SHIB tokens valued at $85K, contributing to the BONE accumulation earmarked for SHIB burn on Shibarium.
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This accumulation has now exceeded 1.41 million BONE, surpassing $1.05 million in value. The community had anticipated a substantial $1 million SHIB burn to curtail the circulating token supply, which often bolsters prices within the Shiba Inu ecosystem.
Expectations were high for the Shiba Inu burn mechanism to incinerate trillions of tokens, potentially propelling the SHIB price to $0.01. However, the team’s $85K SHIB token burn led to a sell-off in both SHIB and BONE tokens.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
