SHIB Goes Up in Smoke: Shiba Inu Torches 8 Billion Tokens, Bonk Takes Center Stage

• Shiba Inu performs massive 8 billion SHIB burn, while Arthur Hayes predicts that Bonk will outperform SHIB.

• Despite the $85K SHIB burn, Shiba Inu’s price drops 8% in 24 hours.

The Shiba Inu team has successfully completed another 8+ billion SHIB burn, fueled by Shibarium. This action comes after lead developer Shytoshi Kusama confirmed last week that only SHIB tokens will be burned from the accumulated BONE for the SHIB burn on Shibarium. The community expected a burn valued at least $1 million.

Arthur Hayes Sees Bonk Outperforming Shiba Inu

Arthur Hayes, co-founder of BitMEX, in a post on X predicted that Bonk (BONK), a meme coin, will surpass Shiba Inu (SHIB) to become the second largest dog-themed meme coin. This follows Bonk’s listing on Coinbase, Binance, Crypto.com and other major crypto exchanges last week.

Let’s do the damn thang.$BONK > $SHIB

pic.twitter.com/ZQB1WecBEl

— Arthur Hayes (@CryptoHayes) December 17, 2023

Despite Bonk’s price soaring more than 1000% in a month, at the moment and during this writing, the price has fallen from an all-time high of $0.0000341 to $0.000019 due to profit-taking. In addition, Saga handsets sold out due to the huge demand caused by Bonk’s airdrop.

COINMARKETCAP: BONK -1D -graph

Meanwhile, the Shiba Inu team has sent 8,615,169,427 SHIB tokens, valued at $85K, to the burn address. This is part of the accumulation of BONE for SHIB burning on Shibarium, which has already reached 1.41 million BONE, valued at over $1.05 million.

The community was hoping for a massive SHIB burn valued at $1 million to reduce the circulating supply of tokens, which would help boost token prices in the Shiba Inu ecosystem.

SHIB Price Drop

The Shiba Inu burning mechanism is expected to burn billions of tokens, causing the SHIB price to reach $0.01. However, the burning of only $85K in SHIB tokens by the Shiba Inu team resulted in a massive sell-off of SHIB tokens as well as BONE.

Tradingview: SHIBUSDT_2023-12-18

The price of SHIB fell more than 8% in the last 24 hours, currently trading at $0.00000982. The 24-hour low and high are $0.00000974 and $0.00001072, respectively. In addition, trading volume has also fallen sharply in the last 24 hours.

Meanwhile, the price of BONK is trading at $0.0000198, down 8% in the last 24 hours.

A Turning Point for Shiba Inu and Bonk

This scenario presents a pivotal moment for Shiba Inu and Bonk in the competitive cryptocurrency market. While Shiba Inu continues its burning efforts to reduce supply and increase value, Bonk is rapidly gaining ground, challenging SHIB’s dominance in the meme coin niche.

Arthur Hayes’ prediction of Bonk overtaking Shiba Inu highlights the volatile nature of the cryptocurrency market, where marketing strategies can quickly alter the balance of power between the best-known memecoins of altcoins.