Shiba

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Burn

Bonk

Shiba Inu

<p>The post <a href="https://coinpedia.org/news/shiba-inu-faces-token-burn-backlash-as-bonk-emerges-as-meme-coin-contender/">Shiba Inu Faces Token Burn Backlash as Bonk Emerges as Meme Coin Contender</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>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.</p> 
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   <p lang="en" dir="ltr">Let’s do the damn thang.<a href="https://twitter.com/search?q=%24BONK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BONK</a> &gt; <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SHIB</a><br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/ZQB1WecBEl">pic.twitter.com/ZQB1WecBEl</a></p>— Arthur Hayes (@CryptoHayes) <a href="https://twitter.com/CryptoHayes/status/1736532715615437190?ref_src=twsrc%5Etfw">December 17, 2023</a>
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<p>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 <a href="https://coinpedia.org/news/solana-smartphone-demand-surges-amidst-frenzy-for-bonk-airdrops/">airdrop of 30 million</a> BONK tokens. The heightened demand during this airdrop contributed to Bonk achieving a new all-time high (ATH) of $0.0000341.</p> 
<p>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.</p> 
<h2 class="wp-block-heading" id="h-shiba-inu-s-token-burn-strategy-faces-criticism">Shiba Inu’s Token Burn Strategy Faces Criticism</h2> 
<p>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 <a href="https://etherscan.io/tx/0x72aaf2cc7f1c437eb545be5f65b810a412e67aa4a9a2a40b30dba8d171584edb">confirmation</a> that only SHIB tokens will be burned from the BONE accumulation for SHIB burns on Shibarium.</p> 
<p>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.</p> 
<p>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.</p> 
<p>As a result, <a href="https://coinpedia.org/price-prediction/shiba-inu-price-prediction/">SHIB’s price</a> 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.</p> 
<p>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.</p>

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

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