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Shiba Inu Price Poised for Surge Post-Shibarium Hard Fork?

Last Updated April 26, 2024 12:56 PM
Shraddha Sharma
Last Updated April 26, 2024 12:56 PM
By Shraddha Sharma
Verified by Peter Henn

Key Takeaways

  • Shibarium’s hard fork is scheduled for May 2 to introduce technological advances.
  • Features such as faster block processing and more stable transaction fees are on the cards.
  • Generally, a positive price movement after a hard fork is expected in the crypto world.

Shibarium blockchain is on the verge of a hard fork scheduled for May 2. The upgrade promises to enhance the blockchain’s functionality and directly address user feedback by improving the overall experience and performance of the network. Will it bring in positive price movement for Shiba Inu?

Shibarium Hard Fork Promises Improvements

With Shibarium’s upcoming hard fork on May 2, there will be a fundamental change to the blockchain’s protocol. Since a hard fork creates new rules to improve the system, it requires users to upgrade to the latest version.

For Shibarium, this means not just technical upgrades but also new features that could make the platform more user-friendly and secure.

According to the upgrade specifics, it will “unlock next-level capabilities“,

Quicker block processing after the hard fork will make the network faster, allowing transactions to be completed more swiftly. It will also impact the transaction fees. The hard fork claims to make fees more stable even during high-traffic periods. In return, users will benefit from fair costs and predictability.

The Shibarium hard fork also promises to provide a more robust foundation for projects, ensuring reliability and trust.

The update could also increase community involvement, particularly among developers and innovators within the decentralized finance (DeFi) sector.

Potential Impact on Shiba Inu’s Price

Shiba Inu, the Shibarium native cryptocurrency, could benefit from the potential upgrades. Generally, upgrades that improve scalability and utility lead to positive price movements due to enhanced network capabilities and increased investor interest.

Previous instances with Bitcoin’s and Ethereum’s hard forks led to increased market attention and a surge in prices due to improved utility.

Shiba Inu Signals | Source: IntoTheBlock
Shiba Inu Signals | Source: IntoTheBlock

According to IntoTheBlock data , the current market metrics indicate that the majority of Shiba Inu holders are profitable. 63% of holders are in the money i.e. making profits at the current price levels.

With 75% of Shiba Inu held by large investors, there’s significant interest and investment for the longer run. Meanwhile, the price correlation with Bitcoin is a high 0.86, closely aligning with the broader market trends.

It is another advantage as the broader market is largely bullish.

Another bullish incident  is the recent investment of $12 million to develop a layer-3 solution on top of Shibarium. The upgrade combined with the recent funding will develop confidence in Shiba Inu’s tech advancements.

Etherscan  data reveals that a Shiba Inu whale is readily capitalizing on the opportunity and has transferred 237.8 billion SHIB into their wallet.

What to Expect Next?

The Shibarium hard fork represents a bullish moment for Shiba Inu. Apart from a technical update, the strategic enhancement designed to solidify its position in the DeFi sector presents opportunities. By addressing community feedback and incorporating cutting-edge practices, Shibarium can enhance its usability and foster development.

As the hard fork nears, all eyes will be on how these changes affect Shiba Inu’s market. But whale movement suggests that the upcoming hard fork will be a catalyst.

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