Benzinga - Shiba Inu’s sister token, BONE (CRYPTO: BONE), has experienced a notable surge of 6% in the past 24 hours, surpassing the performance of other popular cryptocurrencies like SHIB, Dogecoin (CRYPTO: DOGE), and Pepe Coin (CRYPTO: PEPE).
What Happened: The recent price movement of BONE is intertwined with the challenges faced by Shibarium, the self-sufficient Layer-2 blockchain associated with Shiba Inu.
At the time of writing, SHIB was down 0.69% while DOGE and Pepe were up 3.31% and 0.28%. BONE was trading at $0.8362.
The SHIB Army, previously voted to halt all minting of BONE in order to ensure scarcity of the gas and governance fee token on Shibarium. However, a blog post by Shibarium’s developers explained that a TimeLock feature was implemented in the decentralized multi-sig wallet to prevent any hostile takeovers of BONE.
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Why It Matters: Data obtained from CoinMarketCap reveals that the current circulating supply of BONE stands at approximately 229,923,351 tokens, equivalent to around 249.91 million.
However, to achieve the maximum supply of 250 million tokens, the team behind BONE will need to mint an additional 81,344 tokens.
Traders have continued to flock to the Calcium token, a dummy token associated with Shiba Inu SHIB. The SHIB developer, Kaal Dhariya, took to Twitter on X to address the situation, stating, "Please do not buy or trade the Calcium token (seriously), there is no liquidity and claims of large losses are FUD."
Photo by Dennis Diatel on Shutterstock
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