A Shiba Inu-focused community member took to Twitter to clear up rumors on Shibarium’s governance token BONE.
In the series of threads, the anonymous member that goes by the Twitter handle Ragnar Shib explained why the Bone contract shouldn’t be renounced.
This is because it will be used as both the Shibarium Network’s gas token and a reward for validators that confirm transactions.
“Those rewards will be created, meaning minted. And for it the contract needs not to be renounced, otherwise, the mint function won’t work.”
Out of BONE’s total supply of 250 million, 20 million are reserved for Shibarium validators. The current minted amount stands at 230 million. If the contract is revoked, it will not be possible to coin the remaining 20 million for the validators, he stated.
The Shiba Inu member then responded to those who had criticized BONE for not being listed on exchanges.
He asserted that numerous significant crypto exchanges had already listed it; among the top 20 exchanges were Cryptocom, Gate.io, Bitget, OKX, Mexc, etc.
None of them had any problem or mentioned that not being the contract renounced would be an issue and I am pretty sure that the top 5 won’t have a problem either. OKX is top 7 CEX according to CMC.
According to the Shiba Inu member, the main reason some trading platforms haven’t featured bone is that they are still waiting for Shibarium to undergo additional testing and be introduced to the mainnet.
“But it’s all right; the work is being done and we will be there soon”, he retorted.
Shiba Inu’s BONE Now Boasts Over 83k Holders
The Shiba Inu member then ends his post by assuring users that the team is working to integrate Bone and other tokens in as many exchanges as they can in order to increase adoption and reach a larger audience.
However, BONE’s lackluster performance on the price front has raised concerns among investors. In the last month, the token’s value dropped by over 35% and is still down by 10% in the last 24 hours.
Despite the price correction, Shibarium’s governance token recently reached a new milestone.
As per an Etherscan screenshot shared by the Twitter account @BoneShiba, BONE’s user count has increased to a total of 83,111.