BONE is the gas token of the Shiba Inu ecosystem’s upcoming Shibarium layer-2 scaling solution. On September 26, 2023, the BONE contract was renounced, meaning that the contract owner has relinquished control and the token is now fully decentralized.
We will continue to build decentralized, permissionless systems for the benefit of the community.
— Kaal (@kaaldhairya) September 26, 2023
This is a bullish sign for the Shiba Inu ecosystem for several reasons. First, it shows that the developers are committed to building decentralized and permissionless systems. Second, it makes BONE more attractive to investors, as they can be confident that the token will not be manipulated by the contract owner.
Price Impact On $BONE and $SHIB
The renouncing of the BONE contract also had a positive impact on the price of the token. In the 24 hours following the announcement, the price of BONE increased by nearly 7%. This suggests that investors are bullish on the long-term prospects of the Shiba Inu ecosystem and BONE’s role as the gas token for Shibarium.
However, it is important to note that the price of the native SHIB token is down 1.3% over the past 24 hours. This suggests that investors are taking a more cautious approach to SHIB, as the token is already more mature and has a much larger market cap than BONE.
Overall, the renouncing of the BONE contract is a positive development for the Shiba Inu ecosystem. It shows that the developers are committed to building decentralized and permissionless systems, and it makes BONE more attractive to investors. The positive price action of BONE following the announcement is a further sign of investor bullishness.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.