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Shiba Inu's Governance Token BONE Nears Key Milestone; SHIB Price Up 5%

Sun, 07/17/2022 - 13:42
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Tomiwabold Olajide
BONE is governance token of ShibaSwap ecosystem
Shiba Inu's Governance Token BONE Nears Key Milestone; SHIB Price Up 5%
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Shiba Inu's ecosystem token BONE is set to achieve a new milestone as the number of its holders approaches the 50,000 round mark. According to recent updates shared by the BONE Twitter account, the BONE holder count is currently at 49,278. 

The SHIB token recently accomplished a brand new record-breaking milestone by crossing the 1.2 million mark in the number of holders. According to WhaleStats, the Shiba Inu holder count is now at 1,205,039.

BONE is the governance token of the ShibaSwap ecosystem that allows the Shiba Inu community to vote on upcoming proposals and has a maximum supply of 250,000,000 tokens.

As reported, the Shiba Inu team recently shared updates on the new minting rate of BONE, in which it stated that rather than fully halting the minting process of BONE as it nears the 230 million cap, it aims to slow the BPB (BONE Per Block) by adjusting the current minting rate to 1 BPB.

The community previously decided to limit the maximum supply at the original cap of 250 million BONE by stopping its minting at 230 million to reserve the remaining 20 million for Shibarium validator roles.

According to recent data, only 499,000 BONE are left to mint to attain the 230 million cap, as of July 15.

Venezuela restaurant to accept payments in SHIB

The Venezuelan restaurant named Shiba Inu, or "Shiba Food," has announced that it will also accept SHIB as a payment method.

In early February, the Italian fast-food restaurant, Welly, underwent a full rebrand after partnering with Shiba Inu. Welly, Sorbillo and other merchants have entered into a partnership with NOWPayments to receive payments in Shiba Inu. Welly also indicated it would "actively participate" in the Shiba Inu burning process.

According to WhaleStats, Shiba Inu now holds the biggest token position among the top 100 ETH whales. At the time of publication, SHIB was demonstrating an increase in its price after marking the previous four trading days in the green. At the time of publication, SHIB was trading up nearly 5% at $0.000011.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.