- The Shiba Inu team successfully conducted another burn operation supported by Shibarium, burning over 8 billion SHIB tokens to boost the ecosystem’s token prices.
- Arthur Hayes, the co-founder of BitMEX, predicted in a post on X that the Bonk (BONK) meme coin would surpass Shiba Inu (SHIB) and become the second-largest dog-themed meme coin.
- The community expected a massive $1 million worth of SHIB burn to reduce the circulating supply of tokens, providing support for the prices of Shiba Inu ecosystem tokens.
Arthur Hayes, the co-founder of BitMEX, revealed his predictions for the BONK token, which has gained significant popularity recently.
Hayes Reveals Predictions for SHIB and BONK
The Shiba Inu team successfully conducted another burn operation supported by Shibarium, burning over 8 billion SHIB tokens to boost the ecosystem’s token prices. This step followed the confirmation by the lead developer, Shytoshi Kusama, last week that only SHIB tokens would be burned for the accumulation of BONE on Shibarium. The community expected at least a $1 million burn.
Arthur Hayes, the co-founder of BitMEX, predicted in a post on X that the Bonk (BONK) meme coin would surpass Shiba Inu (SHIB) and become the second-largest dog-themed meme coin. This was due to Bonk being listed last week on Coinbase, Binance, Cryptocom, and other leading crypto exchanges.
The price of Bonk increased by over 1000% within a month. However, the price has now dropped from its all-time high (ATH) of $0.0000341 to $0.0000201 due to profit-taking. Additionally, Saga Mobile phones sold out due to high demand caused by the Bonk airdrop.
Meanwhile, the Shiba Inu team sent 8,615,169,427 SHIB tokens to the burn address equivalent to $85,000. This is part of the SHIB burn for Shibarium, with a total of 1.41 million BONE reaching a value of over $1.05 million. The community expected a massive $1 million worth of SHIB burn to reduce the circulating supply of tokens, providing support for the prices of Shiba Inu ecosystem tokens.
SHIB Price Declines
It is anticipated that the Shiba Inu burn mechanism will burn trillions of tokens, potentially causing the SHIB price to reach $0.01. However, after burning only $85,000 worth of SHIB tokens, the Shiba Inu team triggered a sell-off in both SHIB and BONE tokens.
In the last 24 hours, the SHIB price has dropped by over 8%, currently trading at $0.00000979. The 24-hour low and high values are $0.00000974 and $0.00001072, respectively. Additionally, the trading volume has significantly decreased in the last 24 hours. Meanwhile, the BONK price is currently trading at $0.0000194, reflecting an 8% decrease in the last 24 hours.
