Shiba Inu Dev Unveils Major Shibarium Upgrades Amidst SHIB Retracement
September 04 2023 - 2:55AM
NEWSBTC
In a recent blog post, Kaal Dhairya, one of the key developers
behind Shibarium, the layer 2 protocol of the Shiba Inu network,
revealed a series of significant upgrades aimed at bolstering the
network’s capabilities. The announcement comes at a time when
Shibarium has crossed the 1 million wallet mark, a milestone that
underscores its growing adoption and utility. “First of all,
congratulations to the ShibArmy for reaching a milestone of 1
million wallets and soon, 1 million transactions. We have
achieved—and aim to maintain—our status as one of the fastest and
cheapest L2 networks out there,” said Dhairya. Upgrades And
Progress On Shibarium One of the most notable updates is the
integration of a hosted version of the Blockscout explorer on
Shibariumscan. Dhairya emphasized the importance of this
development, stating, “This allows our small yet dedicated protocol
team to focus on the network and its upgrades, while the fantastic
Blockscout team ensures the explorer remains operational and the
chain is 100% indexed.” Related Reading: Shiba Inu Price Faces
Potential Loss As Bearish Pattern Emerges The Blockscout
integration also serves as a tool for developers to “Do Your Own
Research” (DYOR) and verify new or existing contracts deployed on
Shibarium. Dhairya urged developers to make use of the Blockscout
contract verification system, as the team plans to promote projects
built on top of Shibarium in the near future. He also unveiled the
verified WBONE contract. Shibarium has also expanded its token
bridge capabilities, adding support for several new tokens,
including USDT, USDC, DAI, WBTC, and XFUND. “We are also
collaborating with numerous third-party bridges to ensure they can
assist in bridging many other tokens into Shibarium,” Dhairya
added. Moreover, the Shibarium team plans to renounce the Bone
contract and add more validators to the network in the coming week.
“Shibarium is open for everyone to develop upon. The SHIB team’s
primary focus in the future will be to innovate and build
technologies on top of Shibarium, empowering our community to lead
a self-sovereign life,” Dhairya concluded. Shiba Inu Price
Retracement Could Continue The recent upgrades to Shibarium come
amidst a period of retracement for the SHIB token. After peaking at
a 4-month high of $0.00001195 on August 12, the meme coin is on a
downward trajectory. Related Reading: Shiba Inu Marketing Lead
Sends Important Message To SHIB Holders In the 1-day chart, SHIB
slipped below the 61.8% Fibonacci retracement level at $0.00000796
yesterday. This level has served as extremely strong support on the
daily chart since mid-August. The drop below the level could now
mean that SHIB retraces lower to the 78.6% Fibonacci retracement
level at $0.00000688. At the current price of $0.00000771, this
could mean another 10% slide. However, if the bulls surprisingly
manage to turn the tide, the price level of $0.00000796 would be
the first important step. To retake the mid-August high, SHIB will
have to overcome a maze of resistances, notably the 20, 50 and
100-day EMAs, all of which lie ahead of the 50% Fibonacci
retracement at $0.00000872. If SHIB manages to overcome this price
on a daily basis, it would be a strong bullish sign. Then, the
200-day EMA at $0.00000921 would be another tough challenge.
Featured image from Metaverse Post, chart from TradingView.com
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