Why Is Shiba Inu Sister Token Surging Over 10% Today?

The Shiba Inu SHIB/USD cryptocurrency ecosystem token BONE BONE/USD token gained over 10% in the past 24 hours. This performance outshines other popular cryptocurrencies like Dogecoin DOGE/USD and Pepe Coin PEPE/USD.

What Happened: At the time of writing, BONE was trading at $0.90. DOGE, SHIB and PEPE were down 0.97% and 1.23%.

The progress towards renouncing the contract of Bone ShibaSwap’s gas token, BONE, which is the official token of Shibarium, has reached a significant milestone. The Shiba Inu development team has confirmed that the minting of the remaining BONE supply is nearing completion.

This effort was initiated last week when Shiba Inu took steps to renounce BONE, introducing a placeholder token called Calcium. Notably, Calcium was specifically created for the purpose of renouncing the BONE contract and is not intended for trading due to its lack of liquidity.

SHIB developer Kaal Dhariya said, "The deed is done, BONE is now renounced via the TopDog contract. We will continue to build decentralized, permissionless systems for the benefit of the community."

The deed is done, $BONE is now renounced via the TopDog contracthttps://t.co/ct3QFQMlhV

We will continue to build decentralized, permissionless systems for the benefit of the community.

— Kaal (@kaaldhairya) September 26, 2023

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Why It Matters: According to data from Coinmarketcap, the circulating supply of BONE currently stands at 229,923,351 tokens, equivalent to approximately $181.6 million. To achieve the token’s total supply of 230 million, an additional 76,649 million BONE tokens were minted.

Upon the completion of the BONE minting process, rewards associated with BONE on the ShibaSwap platform will come to an end. These rewards will shift to a new token named “TREAT,” as previously announced by Shytoshi Kusama, Shiba Inu’s lead developer. However, precise details regarding TREAT’s functionality and role in the Shiba ecosystem remain limited for now.

Photo by Dennis Diatel on Shutterstock

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