- The Shiba Inu development team has finally abandoned the Bone ShibaSwap (BONE) contract, giving the community more power to decide the future of the Shibarium gas token.
- This gesture increases investor confidence in the long-term prosperity of the second largest meme coin, Shiba Inu, and its subsidiary tokens led by BONE and LEASH.
The global Shiba Inu (SHIB) community has something to celebrate as the price of Bone ShibaSwap (BONE) climbed nearly 10 percent higher to trade around 89 cents on Wednesday amid short-term crypto market uncertainty. On September 26, Shiba Inu’s core development team relinquished ownership of the Bone ShibaSwap contract, giving ultimate power to the community. According to Shib’s official account, the release of the BONE contract was done through TopDog contracts.
This cancellation comes days after the developers announced the final minting of the remaining BONE supply to enable the Shibarium validator. Notably, the Shiba Inu community will be rewarded with a new token on the Shibarium network dubbed TREAT once the BONE supply runs out. However, the Shiba Inu community wants the BONE token minting to end at 230 million to avoid further inflation and dilution of existing tokens.
Meanwhile, Shiba Inu’s core developers created a dummy token called Calcium (CAL) as part of the plan to abandon the BONE token contract. Interestingly, the mock token made its way onto the Uniswap DEX and attracted around 1,400 holders before its value plummeted drastically.
A Closer Look at BONE and the Shiba Inu Ecosystem
With 12 validators on the Shibarium mainnet, there are approximately 27.24 million BONE at stake at a Shibarium block height of 850,730. The Shiba Inu ecosystem in the last year has developed infrastructure to help further decentralize the network to enable seamless mainstream adoption. In addition, the United States has led a delegation to search for crypto projects that have violated securities laws.
The Shiba Inu ecosystem has been integrated with other blockchains through the Shibarium network, allowing DeFi and Dapp developers to expand their global market reach amid the general adoption of digital assets. However, Shiba Inu’s core developers have been criticized for creating many tokens instead of having only a few effective tokens for the community and network. In addition, top-ranked blockchains such as Bitcoin, Ethereum, and Binance Smart Chain only have one native coin used to facilitate gas fees and other payments.
Meanwhile, Shibarmy anticipates more token burns for SHIB in the coming years, which will help reduce the high supply of tokens in circulation. At the time of publication, approximately 41 percent of the total SHIB supply has been sent to burn addresses.
Price Action
From a technical standpoint, BONE Price is preparing to launch towards ATH and venture into price discovery after the macro consolidation that began in late 2021. With Shibarium validators increasing BONE staking, the demand for meme coins is expected to catch up with the market supply, which will trigger price increases. Ultimately, BONE’s price movement will follow the rest of the crypto market after Bitcoin’s halving event next year.
