Home DeFi & NFT Shiba Inu Developer Confirms BONE Minting Is Not Possible

Shiba Inu Developer Confirms BONE Minting Is Not Possible

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Kaal Dhariya, a leading developer within the Shiba Inu ecosystem, has strongly refuted claims that the team behind Shiba Inu could still mint Bone ShibaSwap (BONE) tokens, despite prior assurances that the token’s supply was fixed. The confusion arose after a claim from a Solidity developer known by the username @shallowhal-i4n, who suggested that the Shiba Inu team could exploit a loophole in the contract to mint additional BONE tokens.

The developer’s assertion that the BONE contract could still be manipulated unless formally renounced was quickly challenged by the Shiba Inu community, with several members, including popular crypto YouTuber Random Artz, calling out the claim as misleading. Artz condemned the developer’s statement as “old FUD” (fear, uncertainty, and doubt) and called on the Shiba Inu community to address the misinformation.

In response to the rumors, Dhariya clarified that the Shiba Inu development team had already renounced the BONE contract through the TopDog farming contract, which uses a 6/9 multi-signature wallet. This renouncement, which took place in 2023, means that no one—whether it be Shiba Inu developers or any external parties—can mint new BONE tokens. Dhariya even provided an Etherscan link to confirm the transaction, which officially locked the token’s supply at 250 million.

This renouncement is particularly significant because it secures BONE’s maximum supply and prevents any further issuance of tokens. It ensures that the circulating supply will remain constant and that the value of the token is not subject to sudden inflation from new minting activities.

The decision to renounce the contract was made with the goal of ensuring BONE’s listing on major cryptocurrency exchanges, such as Binance. At the time, some exchanges were hesitant to list BONE due to concerns over the Shiba Inu team’s control over the token’s contract. By renouncing the contract, the team effectively addressed these concerns and made BONE more appealing for listing on large platforms.

In the lead-up to the renouncement, the Shiba Inu team had proposed capping the minting of BONE at 230 million tokens, with the remaining 20 million reserved for the Shibarium developers. This move was seen as a step toward ensuring the token’s scarcity and maintaining its value over time.

Despite the renouncement, BONE has not yet been listed on top exchanges like Binance and Coinbase. While this remains an obstacle for the token’s broader adoption, the Shiba Inu team has continued to push for its listing, believing it will increase BONE’s visibility and value in the market.

Currently, BONE is trading at approximately $0.4482 per token, which marks a 2.09% decline in the past 24 hours. The token is still far below its all-time high (ATH) of $41.67, which was recorded on September 13, 2021. Since then, BONE has experienced a dramatic drop of over 98%, a trend that many investors in the Shiba Inu community have found concerning.

Nevertheless, the Shiba Inu development team remains optimistic about the future of BONE. With a total supply of 250 million tokens, and a fixed circulating supply of 229.92 million, the token has a degree of scarcity that could help maintain its value as it continues to evolve within the Shiba Inu ecosystem. The team’s efforts to secure BONE’s position in the broader crypto market could, in time, help reverse its fortunes and boost its price back toward its previous highs.

In conclusion, Kaal Dhariya’s clarification on the BONE minting issue serves to reassure the community that BONE’s supply is firmly capped and that no further minting will occur. While the Shiba Inu ecosystem has faced some challenges in gaining exchange listings, the team’s commitment to decentralization and fixed tokenomics remains a key selling point as BONE continues its journey in the world of cryptocurrencies.

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Sakamoto Nashi

Nashi Sakamoto, a dedicated crypto journalist from the Virgin Islands, brings expert analysis and insight into the ever-evolving world of cryptocurrencies and blockchain technology. Appreciate the work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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