In the realm of cryptocurrencies, BONE, the gas token of Shibarium and the governance token of Shiba Inu, has witnessed a remarkable on-chain surge of 1,300%.This surge coincides with BONE approaching a critical phase in its journey, namely, the renunciation of its contract.
Shibarium1, a key figure in the Shiba Inu team, recently shared on twitter a significant update, indicating that the minting of BONE was nearing completion. This phase is a pivotal step in the broader process of renouncing the BONE contract, an initiative that was set in motion earlier.
Minting #Bone almost completed. https://t.co/csGdYTMbqY
— shibarium1 (@shibarium_) September 24, 2023
It’s worth noting that last year, the Shiba Inu community collectively decided to cease all BONE farming once the total supply reached 230 million tokens. This strategic decision was made to safeguard the remaining 20 million BONE tokens for the benefit of Shibarium validators. To facilitate this, a dummy token named Calcium was introduced, with a stern advisory against trading or acquiring it due to its absence of liquidity, future value, or utility.
Of particular interest to the crypto community is the substantial 1,300% increase in large holder inflows for BONE. On September 24, there was a significant spike, with 30.17 million BONE tokens flowing into the wallets of these large holders, in stark contrast to the previous day’s inflow of 509,520 BONE tokens.
Simultaneously, Shibarium, the underlying blockchain network for Shiba Inu, has been experiencing substantial growth. It boasts a total of 3,131,328 transactions, 1,250,604 wallet addresses, and 812,508 total blocks. Currently, there are 12 validators on the Shibarium network, with a total of 28,047,502 BONE tokens delegated to them.
The price of Bone ShibaSwap (BONE) stands at $0.785952, accompanied by a 24-hour trading volume totaling $2.8M. Over the past 24 hours, BONE has experienced a modest price decrease of -0.22%, while the past week has seen a slightly more significant decline of -3.69%. With a circulating supply of 250 million BONE tokens in circulation, the current market cap of Bone ShibaSwap is estimated at $196.5M.
These developments mark an exciting phase for BONE. The Shiba Inu community is approaching the renunciation of the BONE contract and actively working towards the further development of the Shibarium ecosystem.
