Upgrades and Progress on Shibarium
- Shibarium, the layer 2 protocol of the Shiba Inu network, has announced significant upgrades to bolster its network capabilities.
- The integration of a hosted version of the Blockscout explorer on Shibariumscan allows the protocol team to focus on upgrades while ensuring the explorer remains operational.
- Developers can use the Blockscout contract verification system to verify contracts deployed on Shibarium, with plans to promote projects built on top of the protocol in the future.
- Shibarium has expanded its token bridge capabilities and added support for tokens like USDT, USDC, DAI, WBTC, and XFUND.
- The team plans to renounce the Bone contract and add more validators to the network.
Shiba Inu Price Retracement Could Continue
- SHIB token has experienced a retracement after reaching a 4-month high.
- SHIB slipped below the 61.8% Fibonacci retracement level and could potentially retrace lower to the 78.6% level.
- If the bulls manage to turn the tide, SHIB would need to overcome resistances such as EMAs and the 50% Fibonacci retracement level.
- Overcoming these resistances would be a strong bullish sign for SHIB.
Hot Take:
Shibarium’s upgrades aim to enhance the network’s capabilities and provide better support for developers. The addition of the Blockscout explorer and expanded token bridge capabilities demonstrate Shibarium’s commitment to innovation and accessibility. However, the retracement in SHIB’s price suggests potential challenges for the token in the short term. It remains to be seen whether SHIB can overcome these obstacles and regain its bullish momentum. Overall, Shibarium’s progress and the price movement of SHIB are important factors to watch for crypto enthusiasts.
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