Shiba Inu developer Kaal Dhairya has made a significant move in the world of cryptocurrencies by renouncing control of the ShibaSwap governance token BONE. Renouncing a smart contract, as Dhairya confirmed, signifies relinquishing control over the token’s smart contract, effectively rendering it trustless and transparent. This move is expected to attract more investors, ensuring that any party cannot alter or manipulate the contract.
In a recent post on September 26, Dhairya announced the completion of the renounceOwnership function, stating, “The deed is done, BONE is now renounced via the TopDog contract. We will continue to build decentralized, permissionless systems for the benefit of the community.” This action was executed at block 18222509 from the Shiba Inu deployer, ShibaSwap.eth, to the Migrator address, ensuring BONE’s long-term security and decentralization.
Shiba Inu Marketing Strategist Lucie Shib also confirmed the BONE renouncement by sharing a screenshot of the operation. A member of the SHIB Army, DaVinci, highlighted the significance of this move in making BONE fully decentralized and protected.
This development has the potential to positively impact the prices of both BONE and SHIB tokens in the coming weeks. While SHIB experienced a retracement in the past few weeks and faced resistance at $0.0000073, the renouncement of BONE could instill confidence in investors. A break above the $0.0000073 resistance level could be an attractive buyer entry point.
Analyzing the technical indicators, SHIB is currently trading in the lower region of the Donchian Channel, indicating the continued presence of sellers. The Moving Average Convergence/Divergence (MACD) is slightly above its signal line, but the diminishing green Histogram bars suggest seller dominance. As a result, a short-term retracement for SHIB seems likely before a potential upward movement in the coming weeks.
On the other hand, BONE exhibited a notable rally on the daily chart following the announcement on September 26, forming a substantial green candle. The Parabolic SAR indicator positioning below the candles on the daily chart confirms a resurgence of buyer interest. Additionally, the Relative Strength Index (RSI) has risen from the neutral zone. It is poised to enter the buy zone if it surpasses the 50 mark, signaling potential entry opportunities for long positions.
The MACD for BONE is currently displaying a buy signal, rising above its signal line, and the green Histogram bars reinforce buyers’ dominance. With support at $0.89, BONE is anticipated to rally above the $0.9 resistance level in the coming days, further fueling optimism among investors in the Shiba Inu ecosystem.