- BONE coin faces a 43% decline in the past month.
- Bone Shibaswap’s circulating supply approaches the 230M limit set by the community.
Shiba Inu, the unconventional meme coin, has always strived to stay ahead of its meme coin counterparts. For instance, the launch of its own blockchain last month, Shibarium made waves. As in recent development, the Shiba Inu team has shared an important update regarding their efforts to renounce the contract of Bone ShibaSwap (BONE), the official gas token of Shibarium.
Just hours ago, A Shibarium developer, whose X id is Shibarium1, tweeted that the team is on the brink of completing the minting of the remaining BONE supply.
Notably last year, the Shiba Inu community voted in favor of a proposal to cease all BONE minting once the token reached a circulating supply of 230 million. In line with this decision, the project’s team has announced that the remaining 20 million BONE tokens will be allocated to Shibarium validators. These validators play a crucial role in securing the L2 blockchain.
Meanwhile, according to data obtained from CoinMarketCap, the circulating supply of BONE currently stands at 229,923,351 (roughly 249.91 million). Consequently, the team needs to mint an additional 81,344 BONE tokens to reach the token’s maximum supply of 250 million.
Minting #Bone almost completed. https://t.co/csGdYTMbqY
— shibarium1 (@shibarium_) September 24, 2023
As of now, Shibarium boasts a total of 12 validators. Shiba Inu’s community members have already entrusted 28,024,889 (approximately 28.02 million) BONE tokens to these validators. Notably, Unification holds the top spot among validators on Shibarium, with a substantial holding of 5,530,114 (roughly 5.53 million) BONE tokens.
In terms of market performance, BONE is currently trading at $0.7946, although it has faced significant downward pressure. Over the past month and week, it has seen a notable decline of 43%. Additionally, the trading volume has dipped by 2% and currently rests at $3 million.
