The Shiba Inu ecosystem has garnered attention thanks to the introduction of Shibarium. While the layer-2 protocol has been progressing at its speed, the utility token known as Bone, which is used for covering transaction fees within the Shibarium network, has seen significant growth. This offshoot of the Shiba Inu network has had a somewhat turbulent year, but it’s now getting closer to the $1 mark.
In contrast to Shiba Inu, Bone typically hovers around the $1 price range, but recent days have presented some challenges for this meme coin. After a notable 11.47% increase, Bone’s price has ranged from a low of $0.8113 to a high of $0.9249. As of the most recent update, Bone is trading at $0.8944, indicating a daily gain of 4.90%.
Yet, what caused this sudden rise in the value of BONE? Is it possibly connected to Shibarium? BONE plays a vital role within the Shibarium network. Moreover, the team behind the meme coin has recently revealed that they are close to finishing the final stages of creating the remaining BONE supply. This progress likely played a part in the asset price surge. However, another factor is at play, propelling this upward trend.
Related article: Shiba Inu Nears Completion of BONE Token Minting in Latest Update
BONE is Now Fully Renounced
The Shiba Inu development team consistently provides timely updates on the network. In a recent announcement today, they shared what they described as “thrilling updates” and stated that Bone has experienced a renunciation. This means the party in charge of BONE’s contract has given up control. As a result, BONE is now fully decentralized, making it immune to any potential changes or interferences in the future.
This accomplishment aligns with the decision made by the Shiba Inu community last year to halt the production of additional BONE tokens once the circulating supply reaches 230 million. The remaining 20 million BONE tokens, out of the total maximum supply of 250 million, were allocated to Shibarium validators. These validators play a crucial role in ensuring the security of the L2 blockchain.