The Shiba Inu development team finally renounced the Bone ShibaSwap (BONE) contract, thus giving the community more power to decide on the future of Shibarium’s gas token.
The gesture increased investor’s confidence in the long-term prosperity of the second-largest meme coin, Shiba Inu, and its subsidiary tokens led by BONE and LEASH.
The Shiba Inu (SHIB) global community had something to celebrate as Bone ShibaSwap (BONE) price edged nearly 10 percent higher to trade around 89 cents on Wednesday amidst short-term crypto market uncertainty. On September 26, the Shiba Inu core development team renounced the ownership of the Bone ShibaSwap contract, thus giving the ultimate power to the community. According to the official Shib account, the renouncement of the BONE contract was done through the TopDog contract.
The renouncement comes days after the developers announced the final minting of the remaining BONE supply to enable the Shibarium validators. Notably, the Shiba Inu community will be rewarded with a new token on the Shibarium network dubbed TREAT once the BONE supply depletes. However, the Shiba Inu community wanted the minting of BONE tokens to end at 230 million to avoid further inflation and dilution of existing tokens.
Meanwhile, the Shiba Inu core developers created a dummy token called Calcium (CAL) as part of the plan to renounce the BONE token contract. Interestingly, the dummy token found its way to the Uniswap DEX and attracted about 1,400 holders before the value plummeted drastically.
Closer Look at BONE and the Shiba Inu Ecosystem
With 12 validators on the Shibarium mainnet, there were about 27.24 million BONE staked as of Shibarium block height 850,730. The Shiba Inu ecosystem has in the past year developed infrastructure to help further decentralize the network to enable seamless mainstream adoption. Moreover, the United States has led a delegation in search of crypto projects that have violated securities law.
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Already, the Shiba Inu ecosystem integrated with other blockchains through the Shibarium network, hence allowing DeFi and Dapp developers to widen their global market reach amid the mainstream adoption of digital assets. However, the Shiba Inu core developers have been slammed for creating several tokens instead of just having a few that are effective for the community and the network. Moreover, top-rated blockchains like Bitcoin, Ethereum, and Binance Smart Chain only have one native coin that is used to facilitate gas fees and other payments.
Meanwhile, the Shibarmy anticipates more token burns for SHIB in the coming years, which will help reduce the high supply of tokens in circulation. As of publication time, about 41 percent of the total SHIB supply has been sent to the burn address.
Price Action
From a technical standpoint, BONE Price is preparing to launch toward its ATH and venture into price discovery after a macro consolidation that started in late 2021. With Shibarium validators increasing the staked BONE, the demand for the meme coin is expected to catch up with the market supply, which will trigger a bull rally. Ultimately, the BONE price action will follow the rest of the crypto market after next year’s Bitcoin halving event.
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