Bonk (BONK) Poised to Overtake Shiba Inu (SHIB)
In a recent announcement, Arthur Hayes, co-founder of BitMEX, predicted that the Bonk (BONK) meme coin is set to surpass Shiba Inu (SHIB) to become the second-largest dog-themed meme coin on the market.
This projection follows Bonk’s recent listings on major cryptocurrency exchanges such as Coinbase, Binance, and Crypto.com. The meme coin experienced an impressive rally of over 1000% within a month, driven in part by a significant airdrop of 30 million BONK tokens. This led to Bonk reaching a new all-time high (ATH) of $0.0000341.
However, profit-booking activities resulted in the price dropping from its ATH, currently 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 conducted another burn event on the Shibarium blockchain, burning more than 8 billion SHIB tokens. Lead developer Shytoshi Kusama also confirmed 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. However, the decision to burn only $85,000 worth of SHIB tokens has triggered a backlash and criticism of Shiba Inu’s burn mechanism.
This limited burn resulted in a sell-off of SHIB tokens and BONE, causing SHIB’s price to decline by 8% in the past 24 hours, currently trading at $0.00000982.
Hot Take
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.
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