Shiba Inu’s (SHIB) ecosystem token, Bone ShibaSwap’s (BONE) price has successfully deviated from the negative outlook in the cryptocurrency market, increasing by about 10% in the last 24 hours. This increase in BONE’s price occurred after the announcement of the complete termination of the distributor contract.
Bone ShibaSwap (BONE), the native asset of Shiba Inu’s (SHIB) ecosystem token, has surpassed $0.90 with a rise of about 10% in the early hours of today. The market value of the altcoin also increased by over 7% to $233 million during the same period.
The trigger for the price increase was the developers’ announcement that the distributor contract for BONE token had been completely terminated, which enhanced the security surrounding the project. The announcement increased investors’ sensitivity. The trading volume of the altcoin also saw a significant increase, surpassing $8 million compared to the first day of the week.
According to the data from the cryptocurrency data and price platform CoinMarketCap, BONE is currently trading at $0.9049 with a 6.78% increase in the last 24 hours. The data shows that the altcoin, which reached an all-time high (ATH) of $41.67 on September 13, 2021, is trading 97.81% below its ATH with current prices. Furthermore, the ATL (all-time low) of BONE token was recorded at $0.2899 on May 12, 2022. The current prices of the BONE token are priced 214.99% above its ATL.
In the crypto sector, the termination of a smart contract means that the creator of the contract no longer has control over the contract. This indicates that the contract can no longer be changed or updated in any way, providing confidence to investors. This method prevents potential manipulation by the creator of the contract.
BONE is one of the three tokens, including Treat (TREAT) and Leash (LEASH), used to pay transaction fees and vote on governance matters in the Layer 2 network Shibarium, which was launched by Shiba Inu developers in August.