The cryptocurrency token BONE, part of the Shiba Inu ecosystem, has seen a remarkable 10% gain in the last 24 hours, surpassing other well-known cryptocurrencies like Dogecoin and Pepe Coin.
Here’s what’s been happening: BONE is currently trading at $0.90, while DOGE, SHIB, and PEPE have experienced slight declines.
The Shiba Inu development team has been making progress towards renouncing the contract of BONE, which serves as the gas token for ShibaSwap and is the official token of Shibarium. They have recently confirmed that they are close to completing the minting of the remaining BONE supply.
This initiative started last week when Shiba Inu took steps to renounce BONE and introduced a token named Calcium for this purpose. It’s essential to note that Calcium was specifically created solely for renouncing the BONE contract and is not intended for trading because it lacks liquidity.
SHIB developer Kaal Dhariya announced, “We’ve completed the process, BONE has been renounced through the TopDog contract. Our focus remains on constructing decentralized systems that anyone can use without needing permission, all for the community’s benefit.”
We will continue to build decentralized, permissionless systems for the benefit of the community.
— Kaal (@kaaldhairya) September 26, 2023
Why It’s Important
According to data from Coinmarketcap, there are currently 229,923,351 BONE tokens in circulation, which is worth about $181.6 million. To reach the token’s total supply of 230 million, an additional 76,649 million BONE tokens were created.
Once the minting of BONE tokens is finished, the rewards connected to BONE on the ShibaSwap platform will stop. These rewards will transition to a new token called “TREAT,” as previously announced by Shytoshi Kusama, the lead developer of Shiba Inu. However, specific details about TREAT’s role and function in the Shiba ecosystem are still limited at this time.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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