SHIB Holders, Get Ready: Latest Shiba Inu Update Could Be A Game Changer

Christian Encila

2 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Shiba Inu (SHIB) experienced a decline in social dominance over the past week, indicating a decrease in popularity for the meme coin. Despite being oversold based on its Relative Strength Index (RSI), other indicators were bearish, suggesting a potential further decline in price.

However, SHIB has a history of responding rapidly to updates within its ecosystem, and a forthcoming Shibarium update could potentially reverse the downward trend.

With the release of the Shibarium update, there may be a potential opportunity for the coin to regain its footing and improve its market performance.

Shiba Inu’s Shibarium Update Makes Progress

In a tweet, Shiba Inu-focused account Lucie unveiled new details about the much-anticipated Shibarium update for Shiba Inu. According to the tweet, the Shiba Inu team is currently working on implementing VOR and OoO on the Shibarium beta testnet. The next step will be to deploy the 0o0 and VOR Router smart contracts on Shibarium Layer 2 and then activate the Oracle applications to fulfill data requests.

#ShibariumBETA UPDATE May 2023

OoO& VOR Deployment on Shibarium testnet

“We are currently in the process of deploying both VOR and OoO on Shibarium beta testnet.
To date, we have deployed the FUND Test token on Shibarium beta testnet, and have successfully bridged L1 to L2. We… pic.twitter.com/CWwgC4j0ht

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 10, 2023

Furthermore, the team has made headway in transferring FUND test tokens between L1 (Goerli) and L2, which is a significant development. As of now, the FUND Test token has been deployed on the Shibarium beta testnet, and L1 has been successfully bridged to L2.

SHIB market cap inches lower at $5.11 billion. Chart: TradingView.com

This update indicates that the Shibarium project is making steady progress towards its launch. With the deployment of smart contracts and the successful transfer of test tokens, the team is one step closer to bringing the full potential of the Shibarium to the Shiba Inu ecosystem.

Shiba Inu Price Reaction

Investors and analysts had hoped that the Shibarium update would provide the much-needed boost to Shiba Inu’s market performance. However, it appears that the market sentiment towards SHIB has not changed, and the downward trend in its value has persisted.

Shiba Inu suffered a decline not just in its price but also in its popularity within the crypto space, as evidenced by its dwindling social dominance.

According to data from CryptoQuant, SHIB’s exchange reserve has also been on the decline, suggesting that the token is not currently under any significant selling pressure.

Source: CryptoQuant

Meanwhle, Shiba Inu’s value, as per CoinGecko, currently stands at a modest $0.00000865, marking a 2.5% drop in the past 24 hours and a 13.3% decrease over the last seven days.

Source: Coingecko

-Featured image from Analytics Insight

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.