Shiba Inu developer Kaal Dhairya confirmed renouncing the ShibaSwap governance token BONE. This action implies that the smart contract creator gives up control of the token.
Furthermore, the creator can no longer alter or manipulate the contract. Consequently, renouncing a smart contract makes it trustless and transparent, attracting more investors, some believe.
This development could likely boost the prices of BONE and SHIB in the coming weeks.
BONE Deployer Renouncing Sparks Excitement In The Shiba Inu Ecosystem
In an X post on September 26, Shiba Inu developer Kaal Dhairya stated that the renounceOwnership function has been completed. Dhairya said:
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.
Furthermore, the developer revealed the function was conducted at block 18222509 from the Shiba Inu deployer, ShibaSwap.eth, to the Migrator address. Consequently, the renouncing will secure BONE from future manipulations and make it fully decentralized.
Also, Shiba Inu Marketing Strategist Lucie Shib confirmed the BONE renouncing by posting a screenshot of the operation. Additionally, Licie’s screenshot was the message by a member of the SHIB Army DaVinci stating that this renouncing could make BONE fully decentralized and protected.
Will There Be A Change In SHIB and BONE Prices?
SHIB has found support at $0.0000072 after a retracement in the past few weeks. However, the bears at the $0.0000073 resistance level have continued to force the asset’s decline.
Also, SHIB trades in the lower region of the Donchian Channel, confirming that the sellers are still active. However, a break above the $0.0000073 resistance will serve as an ideal entry signal for buyers.
The Moving Average Convergence/Divergence (MACD) is also slightly above its signal line and might drop below soon. The green Histogram bars also fade, confirming that the sellers dominate the market.
Based on the signals, SHIB will likely retrace in the short term before moving to the upside in the coming weeks. Comparatively, BONE rallied on the daily chart following the announcement on September 26, forming a large green candle.
Also, the Parabolic SAR indicator has moved below the candles on the daily chart, confirming a return of the buyers.
Additionally, the RSI displays a value of 46, rising from the neutral zone and attempting to cross into the buy zone. If the RSI rises to 50, it will become an entry signal for new long positions.
Currently, the MACD displays a buy signal rising above its signal line. Also, the green Histogram bars confirm buyers’ dominance. BONE will likely rally above the $0.9 resistance in the coming days after finding support at $0.89.
Featured image from Pixabay and chart from TradingView.com