Shiba Inu’s ecosystem token, bone (BONE), experienced a notable 10% increase in value within the past 24 hours, despite the generally lackluster performance of the cryptocurrency market. Currently priced at 90 cents, the bone tokens boast a market capitalization of $233 million. Market sentiment likely improved as developers announced the full renouncement of the deployer contract for bone tokens, enhancing its security. Trading volumes for bone tokens also saw a considerable rise of over $3 million compared to the previous day. Renouncing a smart contract in the cryptocurrency world means that the contract creator relinquishes control, offering investors a sense of security against potential manipulation.
The bone token is part of a trio of tokens, including treat (TREAT) and leash (LEASH), which not only serve as a means of payment but also allow holders to participate in voting on governance matters within the Shibarium blockchain. Shibarium, developed by Shiba, was introduced in August, providing a platform for various blockchain-based activities and features.
In a similar vein, another token called calcium (CAL) was introduced specifically for the purpose of renouncing bone. Interestingly, CAL quickly captured the attention of activist investors and achieved a market capitalization of $10 million. However, its value has declined by 50% since reaching its peak prices on Monday. Despite this setback, the growing interest in CAL demonstrates the potential for innovation within the crypto market as traders explore new opportunities.