Shiba Inu Ecosystem Token Bone Jumps 10% as Developers Take Key Security Step
Bone is part of a trio of tokens – others being treat (TREAT) and leash (LEASH) – that are used to pay fees and vote on governance matters on the Shibarium blockchain, which was released by Shiba developers in August.
Updated Sep 27, 2023, 6:24 a.m. Published Sep 27, 2023, 6:24 a.m.
Shiba Inu (SHIB) ecosystem token bone (BONE) rose some 10% in the past 24 hours to log one of the higher gains among otherwise tepid crypto markets.
BONE exchanged hands at 90 cents in Asian morning hours on Wednesday. The tokens have a market capitalization of $233 million.
Trader sentiment was likely buoyed as developers said the deployer contract for bone tokens was fully renounced – which boosted its security. Trading volumes for the tokens rose over $3 million compared to Monday.
The deed is done, $BONE is now renounced via the TopDog contracthttps://t.co/ct3QFQMlhV
— Kaal (@kaaldhairya) September 26, 2023
We will continue to build decentralized, permissionless systems for the benefit of the community.
In crypto circles, renouncing a smart contract means that the contract's creator will no longer have control over it – giving investors a sense of security as the contract can no longer be changed or updated, and is hence saved from possible manipulation by the contract creator.
Bone is part of a trio of tokens – others being treat (TREAT) and leash (LEASH) – that are used to pay fees and vote on governance matters on the Shibarium blockchain, which was released by Shiba developers in August.
Meanwhile, calcium (CAL), a dummy token issued for the purpose of renouncing bone, has quickly found an audience among activist investors. CAL reached a $10 million market capitalization before receding 50% since peak prices on Monday.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
