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Shiba Inu Dev Unveils Major Shibarium Upgrades — Can This Stop SHIB Downtrend?

Published September 4, 2023 9:51 AM
Teuta Franjkovic
Published September 4, 2023 9:51 AM
Key Takeaways
  • Shibarium’s 1 millionth transaction approaches, marking a significant milestone.
  • Despite a 20%+ SHIB price drop, Shibarium network activity rises.
  • Shibarium developers collaborate on third-party token transfers.

Shiba Inu’s (SHIB) principal developer has announced  three significant improvements for Shibarium and given a preview of upcoming content.

The ecosystem of the Shiba Inu has seen a significant change over last weeks. The layer 2 scaling solution, which is referred to as Shibarium conceptually, was one of its most significant releases.

The network’s debut wasn’t trouble-free, and programmers had to briefly make it private.

As previously reported, Sandeep Naiwal from Polygon served as an unexpected ally in the chain’s relaunch.

Lead Shiba Inu Dev Has Important Updates

Shytoshi Kusama, the project’s principal developer, posted on X to give a few updates in light of recent events.

He started saying that WBone was over. Another Shiba Inu developer, Kaal Dhairya, provided additional info in a blog article .

In that post, there’s the validated WBone contract and Dhairya added  a clarification that the hosted version of Blockscout Explorer is now available on Shibariumscan.

As a result, our small protocol team will focus on network updates, while the Blockscout team maintains the explorer and chain indexing. Developers can validate contracts on Shibarium using Blockscout’s technology, which will be essential for upcoming projects.

Dhairya also made the certified WBONE contract public. Shibarium has also improved the functionality of its token bridge by introducing support for a number of new tokens, such as USDT, USDC, DAI, WBTC, and XFUND.

Dhairya added the company is also working with various third-party bridges to make sure they can help in bridging many other tokens into Shibarium.

The Shibarium team plans to drop the Bone contract, add more validators next week, and open up development to all. The focus for the SHIB team going forward is on fostering innovation and technology atop Shibarium for a self-sovereign community, as per Dhairya.

Kusama has also attested to this.

Shibaswap, the decentralized exchange of the Shiba Inu ecosystem, is the upcoming update that the community has been awaiting most.

Kusama explained  the situation by saying Shibaswap was not released because this isn’t only about Shy and the team.

“It’s about hundreds of projects that have spent months building on Shibarium.

So don’t expect Shibaswap immediately, give room for other tokens and projects,” he stated.

What’s Coming Next?

Some whales have been making significant purchases as a result of the recent changes to the Shiba Inu habitat.

According to data, 4.64 trillion SHIB tokens, worth about $38 million, were transferred  between two unidentified wallets earlier in September. However, the whale might be anticipating fresh developments, and Kusama wasn’t shy about outlining what’s coming next.

Renouncing the contract and expanding the number of validator nodes are the next steps now that those tasks are finished. It takes time.

Recently, CCN spoke with the analyst Michael van de Poppe who said that “Shibarium holds substantial importance” in terms of “significance.”

He explained that the success of Shiba Inu at this point depends on it because it was heavily touted before the launch event. When the Layer 1 solution gains popularity and users begin utilizing it (when the network effect kicks in), pricing will also experience a significant increase.

“I’m confident it will fail if adoption isn’t seriously taken into consideration,” he said.

Price Retracement for Shiba Inu May Continue

The most recent Shibarium updates occur while the SHIB coin is currently experiencing a retracement. The meme coin has been falling since August 12, when it reached a 4-month high  of $0.00001195.

On Sunday, September 3, 2023, SHIB dropped below the crucial $0.00000796 support level, marking a significant break. This may lead to a 10% decline to the $0.00000688 level, based on the 78.6% Fibonacci retracement, from the current $0.00000771.

However, the price level of $0.00000796 would be the first significant step if the bulls amazingly succeed in turning the tide. SHIB will need to overcome a number of obstacles in order to regain the mid-August high, including the 20, 50, and 100-day EMAs, which are all located before the 50% Fibonacci retracement at $0.00000872.

It would be a very strong bullish indication if SHIB were able to consistently outperform this price. The 200-day EMA at $0.00000921 would then present another difficult obstacle.

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