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The hard fork would be executed on the 2nd of May.
SHIB rose reacting to the development buy may face sell pressure in the coming days.
As an experienced analyst, I believe the upcoming hard fork on Shiba Inu’s [SHIB] layer-2 blockchain, Shibarium, could bring about significant changes to the network. With the hard fork scheduled for May 2nd, SHIB has already shown a positive reaction in the market by rising 3.23% in the last 24 hours.
Shiba Inu‘s layer-2 solution, Shibarium, was gearing up for a forthcoming hard fork to enhance network speed and affordability. Consequently, SHIB, the native token, experienced a 3.23% price increase in the previous 24 hours, as reported by CoinMarketCap.
The upgraded Shibarium
In a recent blog post on social media platform X, published by Lucie, the marketing lead for Shiba Inu, it was announced that the hard fork will take place on May 2nd.
A hard fork represents a significant modification to a blockchain system, leading to the emergence of a fresh network variant. These alterations are not compatible with previous versions, necessitating an update for all involved users to keep engaging with the revised network.
Shiba Inu described the new update as a “significant improvement,” indicating that it would expedite block processing on Shibarium and consequently enhance transaction speeds.
Moreover, these improvements will help keep transaction fees stable during periods of high demand, resulting in more consistent and reasonable costs for users.
The state of Shibarium
Introduced in August 2023, Shibarium represented an initiative within the Shiba Inu community aimed at surpassing its beginnings as a meme currency. The objective was to infuse greater functionality into coins such as SHIB and Bone ShibaSwap [BONE].
At present, the L2 network has processed approximately 415.8 million transactions based on current data from Shibarium Explorer. Notably, December 2023 marked a significant turning point in transaction volume growth. Following this month, there was an astonishing increase of around 103x in the total number of transactions.
During this timeframe, there were significant swings in fees, as illustrated in the graph that follows. The forthcoming hard fork aimed to address and prevent such occurrences from reoccurring in the future.
Read SHIB’s Price Prediction 2024-25
SHIB to plunge?
As a researcher studying the Shibarium ecosystem, I would express it this way: Any advancements or enhancements within the Shibarium network could potentially impact the value of SHIB tokens due to their direct correlation. With every transaction conducted on the Shibarium platform, some SHIB tokens are automatically incinerated.
According to AMBCrypto’s interpretation of Santiment’s findings, the meme coin faced a significant risk of sell pressure imminently due to an increasing supply on cryptocurrency exchanges and a surge in whale transactions.
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2024-04-27 00:07