Shiba Inu

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<p>BONE, the gas token of Shiba Inu's Shibarium project, <a href="https://etherscan.io/tx/0xa21b1e4659c517698569d2f8424d7f76383dd417d79aaed5029647ccf9ce5e51">has undergone</a> a significant change known as "renouncing."</p>
<p>This process denotes that the contract owner has relinquished control, rendering BONE fully decentralized and insulated from any prospective alterations or manipulations.&nbsp;</p>
<p>Kaal Dhairya, a developer in the Shiba Inu community, confirmed this development in <a href="https://twitter.com/kaaldhairya/status/1706778244312416708">a post</a> on the X social media platform, emphasizing the ongoing commitment to building decentralized, permissionless systems that are beneficial to the community.</p>
<h2 id="understanding-renouncing-process">Understanding renouncing process&nbsp;</h2>
<p>In the case of <a href="https://u.today/shiba-inu-bone-marks-1300-on-chain-increase-after-progress-update">BONE token</a>, "renouncing" refers to the process of relinquishing control to bolster decentralization and secure the system against unwanted interventions.&nbsp;</p>
<p>The intricate process involved a timelock contract and a decentralized multisig wallet, with every step rigorously tested for errors to maintain system integrity. The <a href="https://blog.shib.io/bone-minting-and-renouncing-in-detail/">procedure</a> included setting allocation points to zero, generating a dummy token and updating reward structures before the final renouncement of the BONE contract.</p>
<h2 id="bone-price-spike">BONE price spike&nbsp;</h2>
<p>Post-renouncement, BONE experienced a noticeable uptick in value. The price of the Shiba Inu ecosystem token is up by nearly 7%, according to <a href="https://www.coingecko.com/en/coins/bone-shibaswap">CoinGecko data</a>, currently standing at $0.90, with a market cap of $226 million.&nbsp;</p>
<p>However, the price of the native SHIB token is down 1.3% over the past 24 hours.</p>

Shiba Inu's BONE Token Renounced: Here's What It Means

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