coinspress.com
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.