The Shiba Inu [SHIB] ecosystem has garnered significant attention with the introduction of Shibarium. While Shibarium’s progress has been steady, the utility token Bone, which is utilized for covering gas fees within the Shibarium network, has seen notable growth. This offspring of the Shiba Inu network has had a somewhat turbulent year.
However, it has recently been making progress towards reaching the $1 milestone. In contrast to Shiba Inu, Bone has often been in the $1 price range, but recent days have presented challenges for this meme coin. After a notable 11.47% surge, the price of Bone fluctuated between a low of $0.8113 and a high of $0.9249. As of the latest update, Bone is currently trading at $0.9044, reflecting a daily increase of 6.86%.
But what has triggered this sudden uptick in BONE’s value? Could it be linked to Shibarium? BONE serves a critical role within the Shibarium network. Furthermore, the team behind this meme coin has recently revealed that they are nearing the final stages of minting the remaining BONE supply, likely contributing to the increase in the asset’s price. Nevertheless, there is another factor driving this upward trend.
BONE Attains Full Decentralization Status
The Shiba Inu development team has been consistently delivering timely network updates. In a recent development, they shared what they described as “exciting news” and announced that Bone has undergone a renunciation. This means that the controlling entity of BONE’s contract has voluntarily surrendered its control. As a result, BONE is now fully decentralized and immune to any potential future modifications or manipulations.
This accomplishment aligns with the decision made by the Shiba Inu community the previous year, which was to halt the creation of additional BONE tokens once the circulating supply reached 230 million. The remaining 20 million BONE tokens from the total maximum supply of 250 million were allocated for Shibarium validators, who play a crucial role in securing the L2 blockchain.