In a recent blog post, Kal Patience, one of the lead developers of Shiberium, the Layer 2 protocol of the Shiba Inu network, revealed a series of significant upgrades aimed at enhancing the network’s capabilities. The announcement comes at a time when Shiberium has crossed the 1 million wallet mark, a milestone that underlines its growing acceptance and utility.
“First of all, congratulations to Shibaarmi for reaching the milestone of 1 million wallets and 1 million transactions soon. “We have earned our position as one of the fastest and cheapest L2 networks and aim to maintain this,” said Dhairya.
Upgrades and Progression on the Shiberium
One of the most notable updates is the integration of a hosted version of BlockScout Explorer on ShiberiumScan. Patience emphasized the importance of this development, saying, “It allows our small but dedicated protocol team to focus on the network and its upgrades, while the fantastic BlockScout team ensures that Explorers remains operational and on-chain at 100%.” be indexed.”
The BlockScout integration also serves as a tool for developers to “Do Your Own Research” (DYOR) and verify new or existing contracts deployed on Shiberium. Patience urged developers to use the Blockscout contract verification system, as the team plans to promote projects built on top of Shiberium in the near future. He also unveiled the verified WBONE contract.
Shiberium has also expanded its token bridge capabilities by adding support for several new coins including USDT, USDC, DAI, WBTC and XFUND. “We are also collaborating with a number of third-party bridges to ensure that they can help connect many other tokens to Shiberium,” said Patience.
Furthermore, the Shiberium team plans to abandon the BON contract and add more validators to the network in the coming weeks. “Shiberium is open for development to everyone. The primary focus of the SHIB team in the future will be to innovate and build technologies on top of Shiberium, thereby empowering our community to lead self-sovereign lives,” concluded Dhairya.
Shiba Inu Price Retracement May Continue
The recent upgrade in Shiberium comes amid a period of retracement for the SHIB token. After reaching a 4-month high of $0.00001195 on August 12, Mem coin is in a downward trend.
On the 1-day chart, SHIB declined below the 61.8% Fib retracement level at $0.00000796 yesterday. This level has been acting as an extremely strong support on the daily chart since mid-August. A break below the level could now mean that SHIB is back at the 78.6% Fibonacci retracement level at $0.00000688. At the current price of $0.00000771, this could mean a further drop of 10%.
However, if the bulls manage to surprisingly turn the situation around, the price level of $0.00000796 will be the first important step. To retest the mid-August highs, SHIB will need to overcome a maze of resistances, notably the 20, 50 and 100-day EMAs, all of which are ahead of the 50% Fibonacci retracement at $0.00000872.
If SHIB manages to overcome this price on a daily basis, then it will be a strong bullish signal. Then, the 200-day EMA at $0.00000921 will be another tough challenge.
Featured image from Metaverse post, chart from Tradingview.com