Understanding BONE Minting: Kaal Dhariya Clarifies the Confusion
In the rapidly evolving world of crypto, rumors can easily spread like wildfire. Recently, a significant debate emerged within the Shiba Inu community regarding the minting capabilities of Bone ShibaSwap (BONE). At the center of this discussion is Kaal Dhariya, a prominent developer within the Shiba Inu ecosystem. Let’s delve into the confusion surrounding BONE, the claims made, and the community’s response.
The Controversy Sparked by @shallowhal-i4n
Over the weekend, well-known crypto YouTuber Random Artz brought a crucial misconception to light. An individual, claiming to be a Solidity developer under the username @shallowhal-i4n, suggested that the Shiba Inu team still holds the ability to mint additional BONE tokens due to a purported loophole in the contract.
- Minting Misconception: According to this developer, BONE could be minted unless the contract is explicitly set to “not mint.” This claim created a wave of concern within the community.
Random Artz quickly labeled this Solidity developer as a source of misinformation, suggesting they were merely spreading old fear, uncertainty, and doubt (FUD) about BONE. He encouraged community members to respond thoughtfully and effectively to counter these misconceptions.
Setting the Record Straight: Kaal Dhariya Responds
To clarify the situation, Kaal Dhariya, along with other Shiba Inu community members, refuted the claims made by the self-proclaimed developer. He emphasized that the BONE contract is under the ownership of the TopDog farming contract, which operates on a 6/9 multi-signature wallet system.
- Key Points from Dhariya:
- The TopDog contract had already renounced the BONE contract, thus eliminating the possibility of any further minting.
- An Etherscan link was shared, confirming that this renouncement was indeed completed in 2023.
This renouncement signifies that the Shiba Inu team has relinquished control over the BONE token, ensuring its supply remains fixed at 250 million tokens. This means that neither the team nor anyone else can mint or add new BONE tokens to the existing supply.
Here’s a quick excerpt from Dhariya’s statement:
"Bone contract is and always was owned by the TopDog farming contract, and the 6/9 multisig has already renounced that contract and no further minting is ever possible."
Why the Contract Renouncement Matters
One of the primary reasons for the Shiba Inu team’s decision to renounce the BONE contract centered around exchange listings. Following the renouncement, the community speculated that major exchanges like Binance hesitated to list BONE due to the team’s ongoing control over the token’s contract.
To address these concerns, the Shiba Inu team took considerable steps to:
- Halt BONE minting at 230 million tokens.
- Allocate the remaining 20 million tokens to developers working on Shibarium.
On September 23, 2023, the team officially renounced the contract, effectively restricting any further minting activities. However, as of now, BONE’s listing on major exchanges, including Binance and Coinbase, has not materialized.
Current Status of BONE: Supply and Pricing
As it stands, the max supply of BONE remains at 250 million tokens, with 229.92 million tokens currently in circulation. As for the market value, BONE is trading at approximately $0.4482 per token, reflecting a 2.09% decline in the last 24 hours. This represents a staggering 98.92% drop from its all-time high (ATH) of $41.67, reached on September 13, 2021.
| Token | Max Supply | Circulating Supply | Current Price | % Change (24h) | % from ATH |
|---|---|---|---|---|---|
| BONE | 250 million | 229.92 million | $0.4482 | -2.09% | -98.92% |
Clearing Doubts and Moving Forward
In the volatile world of cryptocurrency, misinformation can lead to unnecessary panic. It’s essential for members of the Shiba Inu community to rely on verified information from credible sources. Kaal Dhariya’s response serves as a reminder of the importance of transparency in the crypto space.
As a community, it’s crucial to remain vigilant against misinformation while supporting transparent and knowledgeable voices.
Engaging with the Community
Feel free to share your thoughts and opinions on this matter! Are you confident in the BONE contract’s renouncement? How do you think this will affect the future of the Shiba Inu ecosystem? Join the discussion and keep the conversation going.
In conclusion, staying informed and actively participating in discussions surrounding the Shiba Inu ecosystem can greatly enhance your crypto journey. Remember, the strength of a community lies in knowledge, and together we can navigate the complexities of the crypto world.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
