In the past 24 hours, the bone (BONE) token, a part of the Shiba Inu (SHIB) ecosystem, experienced a 10% increase in value, outperforming other cryptocurrencies in a generally lackluster market. Trading at 90 cents during Asian morning hours on Wednesday, BONE has a market capitalization of $233 million. This surge in trader sentiment can be attributed to the news that the deployer contract for bone tokens was fully renounced by developers, enhancing its security. This move provides investors with a sense of security, as renouncing a smart contract means that its creator no longer has control over it, thus protecting it from potential manipulation.
BONE is one of three tokens, along with TREAT and LEASH, that are utilized for paying fees and participating in governance matters on the Shibarium blockchain, launched by Shiba developers in August. The renouncement of the deployer contract and the subsequent increase in trading volume, reaching over $3 million compared to Monday, highlight the growing interest and confidence in these tokens and the Shiba Inu ecosystem.
In a separate development, calcium (CAL), a dummy token issued specifically for renouncing bone, has gained popularity among activist investors. CAL quickly achieved a market capitalization of $10 million before experiencing a 50% decline from its peak prices on Monday. This demonstrates the enthusiasm and engagement of investors in this ecosystem, as they actively explore different tokens and opportunities within the Shiba Inu network.