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Highlights
- Shiba Inu team successfully completed hard fork of layer-2 blockchain Shibarium.
- The hard fork upgrades the network's performance, optimizes transaction processing, and prepares for future growth and adoption.
- SHIB price saw a rebound, but traders still await for a confirmation on a recovery.
Shiba Inu’s layer-2 blockchain Shibarium has successfully undergone a hard fork, grabbing interest from the wider crypto community. After the successful Bor hard fork, the second upgrade the Heimdall hard fork was completed boosting Shibarium blockchain’s transaction reliability and facilitating the network’s attainment of ‘deterministic finality’.
Traders reacted immediately to the hard fork and SHIB price hit an intraday high of $0.00002345. However, most of the movement in the last 24 hours is sideways, suggesting consolidation for breakout after reversal.
Shiba Inu Successfully Completes Hard Fork
Shiba Inu team reported the successful completion of the hard fork at block height 4504576. Shibarium Network, the official account of Shibarium blockchain on X, also posted on May 3 to reach out to the wider crypto community about the new milestone.
The hard fork is a crucial development for Shiba Inu to optimize its blockchain infrastructure for future growth and adoption. To be more precise, the hard fork upgraded the network’s performance, optimized transaction processing, and prepared for future growth and adoption.
“Get ready for blazing-fast transactions and predictable gas fees,” said Shibarium Network. These upgrades are primarily aimed at improving network efficiency, optimizing consensus mechanisms, and introducing new functionalities to support scalability.
The hard forks will reduce the earlier occurring sync issues, gas fees, and achieve deterministic finality on the Shibarium network.
Shiba Inu team is looking at innovations and future developments in the Web3 and decentralized finance space. Recently, Shiba Inu’s decentralized exchange ShibaSwap migrated from Ethereum to Shibarium ushering in new DeFi features.
Shytoshi Kusama also noted the $12 million in funding raised from market leaders for layer-3 blockchain and Shibarium developments.
Also Read: Coinbase Talks About SEC Lawsuits and Political Donations In Investor Letter
SHIB Price on Path of Recovery?
SHIB price witnessed a reversal after whales stared accumulating the meme coin at the dip. The price has jumped 6% in the past 24 hours, with the price currently trading at $0.00002303. The 24-hour low and high are $0.00002176 and $0.00002343, respectively. However, the trading volume has decreased by 22% in the last 24 hours, indicating a decline in interest among traders.
Shiba Inu price can rally to $0.0001 amid the whale buying activity, as per CoinGape Markets. The price could actually witness a short-term weakness despite a rebound, in order to confirm the recovery.
Also Read: 23,000 Bitcoin Options Set to Expire Today, Where Will BTC Price Swing Next?
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