The Shiba Inu team’s Calcium (CAL), a token that was deemed useless by its creators, has been revived by a group of supporters who have transformed it into a significant undertaking. As part of a strategy to renounce the bone (BONE) token contract, the token was released on Friday. Shortly after being live, a bot purchased more than half of its supply, and the tokens were available on ShibaSwap, a decentralized exchange (DEX). Despite the Shiba Inu community’s warnings, traders bought the tokens with the aim of making a rapid profit; nonetheless, they wound up losing money.
With their CAL token holdings, a group of community members who assert to have lost money developed a new trading pair on Uniswap. In less than 12 hours, the token had more than 1,400 holders. Participants in this new trading pair declared that they were “tired of Shiba Inu’s promises” and wanted to turn Calcium into a genuine undertaking. Due to this, the price of the original CAL token fell by 99%, and its on-chain liquidity on ShibaSwap was only $4,800. On the Uniswap DEX, CAL tokens generated $4 million in trading volume and $164,000 in liquidity.
To renounce contract ownership of bone (BONE), the governance tokens of the recently established Shibarium blockchain, Shiba Inu developers issued calcium tokens. The developer of a smart contract loses control over it when it is renounced, which gives investors peace of mind because the contract can no longer be updated or amended and is protected from any manipulation by the contract inventor. The community rallied around the token despite developer advice to avoid trading it, establishing liquidity on decentralized exchanges (DEXs), and bringing in outside developers to work on use cases.