Shiba Inu: BONE Marks 1,300% On-chain Increase After Progress Update

Shibarium gas token BONE, which is also the Shiba Inu governance token, saw an on-chain increase of 1,300% as it nears the critical phase of renouncing its contract.

Shiba Inu team member Shibarium1 announced an important update, stating that the minting of bone was almost complete. As pointed out by Shiba Inu developer Kaal Dhairya in an earlier blog post, this phase is an essential one in renouncing the BONE contract.

The SHIB developer made it known at the time that the process of renouncing the BONE contract was underway; a dummy token called Calcium had been created, on which he issued a warning not to trade or buy as it has neither liquidity nor future value or use.

Last year, the community decided to halt all BONE farming upon reaching 230 million minted to save and secure the remaining 20 million for Shibarium validators.

According to data from on-chain analytics firm IntoTheBlock, BONE is experiencing a 1,300% increase in large holder inflows.

BONE saw a massive inflow spike of 30.17 million BONE on Sept. 24, a significant jump from the prior day's inflow value of 509,520 BONE.  Large-holder inflows track funds moving to addresses belonging to whales, or large holders.

According to Shibariumscan data, Shibarium has reached 3,131,328 total transactions; 1,250,604 wallet addresses and 812,508 total blocks.

There are currently 12 validators on Shibarium, with 28,047,502 BONE delegated. At the time of writing, BONE was marginally up 0.03% in the last 24 hours to $0.789.