Bone (BONE), a key component of the Shiba Inu (SHIB) ecosystem, has experienced a notable 10% increase in its value within the past 24 hours.
This surge in value comes as part of a trio of tokens, alongside Treat (TREAT) and Leash (LEASH), used for fee payments and governance voting on the Shibarium blockchain. Shibarium, developed by the Shiba Inu team, was launched in August as a blockchain platform.
BONE’s Value and Market Capitalization
As of the Asian morning hours on Wednesday, Bone (BONE) was trading at 90 cents, marking a substantial increase. The combined market capitalization of these tokens, including BONE, stands at an impressive $233 million.
This rise in trader sentiment and token value can be attributed to recent developments, including the full renouncement of the deployer contract for Bone tokens, enhancing its security.
Increased Trading Volumes
Trading volumes for these tokens have experienced a notable increase, surpassing $3 million compared to previous levels on Monday. This uptick in trading activity reflects growing interest and participation in these tokens within the crypto community.
The Significance of Contract Renouncement
The decision to fully renounce the deployer contract for Bone tokens is a crucial development in the world of cryptocurrencies.
Renouncing a smart contract means that the contract’s creator relinquishes control over it. This action provides investors with a sense of security as the contract becomes immutable, no longer subject to changes or updates by the contract creator. This safeguards the contract from potential manipulation, enhancing trust within the community.
The Shibarium Ecosystem
Moreover, Bone, along with Treat and Leash, plays a pivotal role within the Shibarium ecosystem. The Shiba Inu development team introduced Shibarium in August, and these tokens play a pivotal role in the blockchain platform for fee payments and governance-related decisions, further enhancing the growing ecosystem surrounding the SHIB token.
Additionally, Calcium (CAL), a token introduced for the specific purpose of renouncing Bone, has garnered attention from activist investors. CAL reached a market capitalization of $10 million before experiencing a 50% decline from its peak prices on Monday. This highlights the active engagement of the crypto community in these interconnected tokens and their associated activities.
In summary, Bone’s recent price surge, driven by heightened trader sentiment and the renouncement of its deployer contract, underscores its importance within the Shibarium ecosystem. Also, as part of a trio of tokens, it contributes to fee payments and governance on the blockchain platform, while Calcium (CAL) has also captured the interest of investors as it supports the security of Bone.