- The hard fork will be completed on May 2.
- SHIB has risen in response to buying in the development sector and may face selling pressure in the coming days.
The Shiba Inu (SHIB) Layer 2 (L2) Shibarium blockchain has been preparing for an upcoming hard fork, which aims to speed up the network and increase its profitability. The native token is up 3.23% in the last 24 hours, according to CoinMarketCap.
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Improved Shibari
In a blog post published by Shiba Inu Lucia’s head of marketing on social platform X, it was revealed that the hard fork will begin on May 2.
A hard fork is defined as a radical change to the blockchain, resulting in the creation of a new version of the network. The changes are not backwards compatible and all users must upgrade their network to continue participating in the network.
Calling it a “transformative update,” Shiba Inu said the new version will speed up block processing times in Shibarium, thereby increasing the speed of transactions.
Additionally, the improvements stabilize transaction fee fluctuations during periods of peak demand, making them more predictable and affordable.
Shibari State
Shibarium, launched in August 2023, was a planned attempt by the Shiba Inu ecosystem to transcend its memecoin roots and increase the utility of its coins such as SHIB and ShibaSwap Bone (BONE).
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According to Shibarium Explorer, the L2 network has processed approximately 415.8 million transactions at the time of writing, with December 2023 proving to be a turning point in this trajectory. Since December, accumulated transactions have increased 103 times.
However, this period also saw huge fluctuations in rates, as shown in the graph below. The upcoming hard fork was intended to prevent such situations from happening again.
Source: Shibariya Scan.
Read SHIB’s price forecast for 2024-2025.
Shib for diving?
Improvements to the Shibarium ecosystem may impact SHIB as they are directly related. Each Shibarium transaction automatically results in the burning of a certain amount of SHIB.
However, according to AMBCrypto’s analysis of Santiment data, the meme coin was at risk of imminent selling pressure. Supply on exchanges has been growing steadily in recent days, and at the same time the number of whales has increased.
This is an automatic translation of our English version.