- Bone token (BONE) in the Shiba Inu ecosystem surged by 10% to over 90 cents on Wednesday.
- Positive sentiment fueled the rise after developers renounced the token’s deployer contract, enhancing security for investors.
- Trading volumes for Bone exceeded $3 million on Wednesday, a significant increase from Monday.
The Shiba Inu ecosystem’s Bone token (BONE) rose around 10% on Wednesday morning to over 90 cents, logging one of the biggest gains in otherwise slow crypto markets.
The jump in Bone appears to be fueled by positive sentiment after Shiba Inu developers announced the full renunciation of the token’s deployer contract. Renouncing a smart contract essentially means the creators give up control, boosting security for investors.
Following the renunciation news, Bone saw trading volumes top $3 million on Wednesday, up markedly from Monday’s levels.
BONE is one among three of Shibarium tokens
BONE is one of three tokens, along with Treat and Leash, used for fees and governance votes on Shibarium, Shiba Inu’s layer-2 blockchain, launched in August.
Meanwhile, the “Calcium” (CAL) dummy token issued for renouncing Bone has quickly attracted activist investor interest. CAL reached a $10 million market cap before dropping 50% from peak prices on Monday.
The renunciation of Bone’s contract seems to have instilled confidence among traders, as evidenced by the double-digit price jump. With Shibarium now live and reduced concerns over potential manipulation, Bone may be poised for further gains. However, volatility remains high across crypto markets.