Shiba Inu Community Passes Proposal To Halt BONE Farming: What It Means

The Shiba Inu SHIB/USD community has overwhelmingly voted in favor of a proposal to halt the minting of BONE BONE/USD at 230 million tokens.

What Happened: According to an update released by the DOGGY DAO on Monday, 97.88% of the community voted in favor of capping BONE so that the remaining 20 million minted tokens can be reserved for Shibarium validators.

BONE is the rewards token that also serves as a governance token in the SHIB ecosystem. Another key function of BONE would be its use as in paying fees on the upcoming Shibarium layer 2 protocol.

See Also: IS SHIBA INU (SHIB) A GOOD INVESTMENT?

According to data from Benzinga Pro, SHIB saw a near 40% rally over the last week to a three-week high of $0.000012. Market participants attributed much of this price action to the enthusiasm surrounding the BONE proposal.

At press time, SHIB was trading at $0.000010, down 7% over the last 24 hours, according to data from Benzinga Pro.