Shiba Inu Network’s Layer-2 protocol, Shibarium, is set to receive significant upgrades aimed at strengthening the network’s capabilities, according to a recent blog post by Kaal Dhairya, one of the key developers of Shibarium. This announcement comes at a time when Shibarium has surpassed the milestone of 1 million wallets, underscoring its growing acceptance and usefulness.
“We congratulate the ShibArmy for reaching the milestone of 1 million wallets and soon 1 million transactions. We have achieved our status as one of the fastest and most cost-effective L2 networks in the market and aim to maintain it,” said Dhairya.
One of the 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 but dedicated protocol team to focus on the network and its upgrades, while the fantastic Blockscout team ensures that the explorer remains operational and the chain is indexed 100%.”
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 encouraged developers to utilize the Blockscout contract verification system as the team plans to promote projects building on Shibarium in the near future. He also revealed the verified WBONE contract.
Furthermore, Shibarium has expanded its token bridge capabilities and added 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 help bridge many other tokens into Shibarium,” added Dhairya.
Additionally, the Shibarium team plans to abandon the Bone contract next week and add more validators to the network. “Shibarium is open to everyone for further development. The SHIB team’s main focus in the future will be to develop innovations and technologies based on Shibarium to enable our community to lead a self-sovereign life,” Dhairya concluded.
The recent upgrades to Shibarium coincide with a decline in the price of the Shiba Inu token (SHIB). After reaching a four-month high of $0.00001195 on August 12th, the coin has been on a downward trend.
In the 1-day chart, SHIB slipped below the 61.8% Fibonacci retracement level at $0.00000796 yesterday. This level has been a strong support on the daily chart since mid-August. The decline below this level could now mean that SHIB will fall back to the 78.6% Fibonacci retracement level at $0.00000688. At the current price of $0.00000771, this could signify a further decline of 10%.
However, if the bulls manage to unexpectedly turn the tide, the price level of $0.00000796 would be the first significant step. To reach the mid-August high again, SHIB will have to overcome a labyrinth of resistances, particularly the 20-, 50-, and 100-day EMAs, all of which are located before the 50% Fibonacci retracement at $0.00000872.
If SHIB manages to daily surpass this price, it would be a strong bullish sign. Then, the 200-day EMA at $0.00000921 would pose another challenging hurdle.
In conclusion, Shibarium’s recent upgrades aim to enhance the network’s capabilities and support its growing acceptance. However, the decline in the price of the Shiba Inu token suggests that challenges lie ahead. Nevertheless, the Shibarium team remains committed to innovation and the development of technologies that empower the community to lead self-sovereign lives.