Shiba Inu Price Prediction as Bone Contract to be Renounced
The basic architecture of BONE was intended to protect investors against any type of intervention, including measures by administrators.
The Shiba Inu community's anticipation for the renunciation of the BONE contract, a significant step towards decentralization, is met with patience and thoroughness. Kaal Dhairya, a prominent developer within the Shiba Inu ecosystem, recently shed light on the complexities of this process.
Dhairya revealed that the initial design of BONE was crafted to safeguard investors against any external intervention. This involved implementing a Timelock contract controlled by a decentralized multisig wallet. While this ensures security, it also introduces complexity to the minting and contract renunciation process.
Shiba Inu Developers Working on BONE Contract
The Shiba Inu team is conducting rigorous testing to ensure a flawless execution on the mainnet. The process involves creating a new liquidity pool, minting BONE tokens, and ultimately renouncing the contract. A timelock contract with a delay mechanism adds an extra layer of security.
Dhairya assured the community that the process is already underway. However, a cautious and meticulous approach is necessary, potentially resulting in a gradual timeline for completion. The Shiba Inu community lauds the team's diligent efforts and eagerly anticipates the enhanced credibility and potential listings that the renunciation could bring.
Previously, Shytoshi Kusama, Shiba Inu's chief developer, had reassured BONE holders in August about the team's willingness to relinquish the contract. He also stated that the remaining 20 million BONE tokens would be produced before the start of the renunciation.
However, there has been a conspicuous absence of substantial details regarding the contract's renunciation since Kusama's statement, prompting to rising discontent among BONE holders.
In response to this rising anxiety, Kaal Dhairya, released a blog post on Saturday, September 16, outlining the reasons for the delay in terminating the BONE contract.
Shiba Inu Price Analysis
Shiba Inu's recent price action has been characterized by tepidity amidst a bearish market. As per CoinStats, Currently trading at $0.00000726, SHIB is treading above the support line at $0.00000699. The key lies in broader market cues to dictate its next moves.
Source: CoinStats
A gradual recovery would involve flipping the 50-day Exponential Moving Average (EMA) into a support line, aiming for the barrier at $0.00000791. Confirming this rally would require the Relative Strength Index (RSI) to stay above the neutral line.
The decline in active deposits from SHIB holders, hitting a 30-month low, signals reduced selling pressure. On the flip side, the network's growth is at a four-month low, indicating a slowdown in new investors. This suggests a potential period of sideways movement for Shiba Inu.
Source: TradingView
Conclusion
In conclusion, Shiba Inu's journey involves both a patient wait for a significant contract renunciation and navigating market conditions. The community's optimism remains intact, driven by the potential for enhanced credibility and future developments in SHIB's price action.
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