Shiba Ecosystem Marketing Specialist @LucieSHIB
Bone ShibaSwap (BONE) made another history this week when it became the second-largest daily gainer a few days after Shytoshi Kusama, the pseudonymous lead developer of the Shiba Ecosystem, dropped a massive clue that would prompt Binance, the world’s largest crypto exchange by trading volume, to list the future gas fee token of Shibarium.
BONE is the native governance token of ShibaSwap, the decentralized exchange of the Shiba Ecosystem, and ever since the team revealed that it will be used as the gas fee token of the highly awaited layer-2 scalability solution Shibarium, its rise to prominence and its overall performance in terms of value have attracted the interest of many crypto investors.
Bone ShibaSwap saw over 6% gain over the past 24 hours, more than 30% in the past seven days, and over 55% in the past 30 days.
Earlier this week, BONE saw a massive 13% gain and hit the $.7209 level. It is also the second-largest daily gainer based on the latest data by cryptocurrency aggregator CoinMarketCap, and the 15th crypto asset most viewed by CMC‘s visitors out of the thousands of cryptocurrencies.
The hype surrounding the imminent launch of Shibarium may have fueled the surge in interest BONE is experiencing right now. However, Kusama’s latest blog may have influenced the latest price surge all the more.
In their latest blog titled “BONE: The Passport To Shibarium,” the pseudonymous lead developer shared that the team “will MINT THE REMAINING SUPPLY OF BONE and RENOUNCE THE BONE CONTRACT so that no further minting will be possible,” and explained that it is a “necessary step to starting our blockchain, as a significant portion of BONE is allocated to the first role in our upcoming system, the validators.”
Kusama further said, “BONE will also serve as your passport to the future, being the token DELEGATORS bury to get a portion of rewards, the GAS TOKEN FOR SHIBARIUM, AND technology GOVERNANCE within our new system.”
But what does it mean to renounce ownership or the BONE contract?
In the context of cryptocurrency, it means that the realtor or developer of the crypto asset has publicly declared that they no longer have any responsibility or control over the token. It means the developer has already relinquished all control and rights over the crypto asset and has no more ability to influence the token’s direction or make any changes to its code.
“Bone contract will be renounced soon, so I think this is another great step toward Binance listing,” chart analyst and longtime crypto trader who goes by the X name ShibaKnight told International Business Times.
“The chance of getting listed on Binance is higher. When [the] contract is renounced, no one can do changes. So it is considered as a safe token,” the Shib Army added.
Shiba Ecosystem and Shibarium Tech’s official marketing strategist, who uses the X handle @LucieSHIB, told IBT that “minting out the rest of Bone and renouncing the contract is a significant step forward for the project.”
“It not only underlines our commitment to transparency and finality, but it also sets the stage for Bone’s future role within the ecosystem. This move is a critical milestone in our journey, and it demonstrates our proactive approach to project development and community trust,” she added.
Essentially, there are several reasons why a creator or developer decides to renounce ownership of a cryptocurrency. Among these is to increase decentralization, which, according to Kusama, is embodied in the Shiba Ecosystem.
With their recent announcement, the Shiba Inu team signals that it is committed to creating a more decentralized, more open system where no individual or entity has control or influence.
Renouncing ownership has both positive and negative effects on a crypto asset. While it can earn more trust and confidence from investors and holders, it can also make the crypto asset more vulnerable to manipulation or attack, since no one has the power to make any changes to its code.
As of 12:05 a.m. ET on Thursday, BONE was trading at $1.64, with a 24-hour trading volume up by 31.44% at $18,698,207, representing a 3.05% decrease in the last 24 hours and a 28. 24% gain over the past seven days.
Based on the latest data from CoinMarketCap, the token’s total circulating supply stands at 229,923,351 BONE, and its value is up by 2.81% with a market cap of $377,676,448.
