HomeFinance NewsSurging BONE Prices as Developers Bolster Security Measures

Surging BONE Prices as Developers Bolster Security Measures

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In the past 24 hours, the bone (BONE) token of the Shiba Inu (SHIB) ecosystem has experienced a 10% increase in value, outperforming other cryptocurrencies in an otherwise lackluster market. During this time, BONE was trading at 90 cents, holding a market capitalization of $233 million. This surge in value can be attributed to the developers fully renouncing the deployer contract for bone tokens, which has bolstered its security and provided a sense of reassurance for traders. The trading volumes for BONE also witnessed a significant rise, surpassing $3 million compared to Monday.

Renouncing a smart contract within the cryptocurrency realm means that the creator relinquishes control over it. This development is particularly significant for investors as it ensures that the contract cannot be altered or updated, rendering it immune to potential manipulation by its creator. BONE is one of three tokens, alongside treat (TREAT) and leash (LEASH), utilized for fee payments and governance voting on the Shibarium blockchain. Shibarium was launched by Shiba developers in August, further enhancing the utility and value of these tokens.

Another interesting development is the emergence of calcium (CAL), a dummy token created with the purpose of renouncing bone. CAL quickly gained traction among activist investors, resulting in a market capitalization of $10 million before experiencing a 50% decrease from its peak prices on Monday. This signifies the growing interest and participation of traders in the Shiba Inu ecosystem, as they explore various tokens and investment opportunities within the network.

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