Shiba Inu Faces Token Burn Backlash as Bonk Emerges as Meme Coin Contender

The post Shiba Inu Faces Token Burn Backlash as Bonk Emerges as Meme Coin Contender appeared first on Coinpedia Fintech News

In a recent post on X, Arthur Hayes, co-founder of BitMEX, made a bold prediction that the Bonk (BONK) meme coin is poised to surpass Shiba Inu (SHIB) and claim the title of the second-largest dog-themed meme coin in the market.

This forecast comes in the wake of Bonk’s recent listings on major cryptocurrency exchanges, including Coinbase, Binance, and Crypto.com. The meme coin experienced an astonishing rally of over 1000% within a month, triggered in part by a significant airdrop of 30 million BONK tokens. The heightened demand during this airdrop contributed to Bonk achieving a new all-time high (ATH) of $0.0000341.

However, following this surge, profit-booking activities have caused the price to retreat from its ATH, currently standing at $0.00001901. The overwhelming popularity of the Bonk airdrop even led to the complete sell-out of Saga Mobile phones.

Shiba Inu’s Token Burn Strategy Faces Criticism

Meanwhile, the Shiba Inu (SHIB) team executed another burn event on the Shibarium blockchain, consuming more than 8 billion SHIB tokens. This move follows lead developer Shytoshi Kusama’s confirmation that only SHIB tokens will be burned from the BONE accumulation for SHIB burns on Shibarium.

The total burned value on Shibarium has now reached 1.41 million BONE, equivalent to over $1.05 million. The community had anticipated a substantial SHIB burn of $1 million, aiming to reduce the circulating supply and boost the prices of tokens within the Shiba Inu ecosystem.

However, the decision to burn only $85,000 worth of SHIB tokens has triggered a backlash. This limited burn not only resulted in a sell-off of SHIB tokens and BONE but also fueled criticism of Shiba Inu’s burn mechanism.

As a result, SHIB’s price took a hit, experiencing an 8% decline in the past 24 hours and currently trading at $0.00000982. Concurrently, trading volume has seen a notable decrease during this period, signaling a potential shift in sentiment.

This unexpected turn of events sets the stage for an intriguing battle between Bonk and Shiba Inu in the meme coin arena, with the former emerging as a formidable contender to the established giant.