Shiba Inu (SHIB), the popular meme-based cryptocurrency, saw its ecosystem token bone (BONE) experience a 10% surge in the past 24 hours. This rise in value stands out amidst an otherwise lackluster performance in the crypto markets.
During the Asian morning hours on Wednesday, BONE was trading at 90 cents. The market capitalization of the token currently stands at $233 million. The spike in trading volumes for BONE, which surpassed $3 million compared to Monday, suggests a growing interest in the token.
One factor contributing to this increased trader sentiment is the recent announcement that the deployer contract for bone tokens has been fully renounced by developers. In the world of cryptocurrencies, when a smart contract is renounced, it means that the contract’s creator no longer has control over it. This move is seen as enhancing security, as it prevents any further changes or updates to the contract that could potentially be manipulated by the creator.
The renouncement of the deployer contract for bone tokens has provided investors with a sense of security, contributing to their growing confidence in the token. It is important to note that bone is part of a trio of tokens, along with treat (TREAT) and leash (LEASH), which are utilized for paying fees and participating in governance matters on the Shibarium blockchain. This blockchain platform was launched by Shiba developers in August.
In related news, a dummy token called calcium (CAL) was created specifically for the purpose of renouncing bone. Interestingly, CAL has quickly gained traction among activist investors. Since its debut on Friday, CAL reached a market capitalization of $10 million before experiencing a 50% decline from its peak prices on Monday.
The increasing popularity of bone and the interest surrounding calcium highlight the enthusiasm and engagement within the Shiba Inu community. These developments provide an interesting glimpse into the dynamics of the cryptocurrency market, where even seemingly insignificant factors can have a significant impact on investor sentiment and token value.
As always, it is essential for investors to exercise caution and conduct thorough research before engaging in any cryptocurrency investments. The market can be highly volatile, and past performance should not be seen as an indicator of future results.
