The value of Bone ShibaSwap (BONE) surged Wednesday after a Shiba Inu developer made a highly anticipated announcement, which to some Shib Army, could be instrumental in the token getting listed on Binance.
BONE, the gas token of Shibarium and the governance token of the Shiba Ecosystem’s decentralized exchange (DEX) ShibaSwap, traded at 0.9264 and saw a 10% increase over the past 24 hours, recording one of the biggest gains among crypto assets in the bear market.
The positive sentiment most likely stemmed from the latest announcement from Shiba Inu developer, who disclosed the deployer contract for BONE tokens has been fully renounced, boosting its security.
“The deed is done, $BONE is now renounced via the TopDog contract,” a Shiba Inu developer, who uses the X handle @kaaldhairya, tweeted.
Explaining the benefit of the latest development, Da Vinci, one of the administrators of the Shibarium Telegram channel, said, “Being ‘renounced’ means that the contract owner has given up control, making $BONE fully decentralized and immune to any future changes or manipulation.”
Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, previously informed the community that the team had started the process of BONE renouncing days after the Shibarium re-launch.
The process of renouncing a crypto asset is an intricate one as it involves a decentralized multisig wallet and a Timelock contract. Aside from that, the team must make sure to maintain system integrity, which means each step must be rigorously tested for errors.
Moreover, the process included putting allocation points to zero and generating a dummy token, which in BONE’s case is CAL, as well as updating reward structures before the renouncement of the contract.
With BONE now renounced, the Shib Army is hopeful that Binance might list the crypto asset on its platform, which is a positive development that could fuel up the price of the Shibaium gas fee token.
“The surge in $BONE’s value following this announcement is a testament to the community’s faith in decentralization and the project’s long-term viability. It’s an exciting development for the ecosystem,” a Shiba Ecosystem and Shibarum Tech marketing specialist, who uses the X handle @LucieSHIB, told International Business Times.
BONE was trading up at $0.8881 as of 4:46 a.m. ET on Wednesday, with a 24-hour trading volume up by 57.84% at $8,433,440 – representing a 4.83% increase in the last 24 hours and a 9.7% gain over the past seven days.
BONE’s circulating supply stands at 229,923,351 tokens, with its value up by 4.83% at a $204,189,857 market cap, data from CoinMarketCap showed.