In a recent blog post, Kaal Dhairya, one of the key developers behind Shibarium, the layer 2 protocol of the Shiba Inu network, revealed a series of significant upgrades aimed at bolstering the network’s capabilities. The announcement comes at a time when Shibarium has crossed the 1 million wallet mark, a milestone that underscores its growing adoption and utility.
“First of all, congratulations to the ShibArmy for reaching a milestone of 1 million wallets and soon, 1 million transactions. We have achieved—and aim to maintain—our status as one of the fastest and cheapest L2 networks out there,” said Dhairya.
Upgrades And Progress On Shibarium
One of the most notable updates is the integration of a hosted version of the Blockscout explorer on Shibariumscan. Dhairya emphasized the importance of this development, stating, “This allows our small yet dedicated protocol team to focus on the network and its upgrades, while the fantastic Blockscout team ensures the explorer remains operational and the chain is 100% 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 Shibarium. Dhairya urged developers to make use of the Blockscout contract verification system, as the team plans to promote projects built on top of Shibarium in the near future. He also unveiled the verified WBONE contract.
Shibarium has also expanded its token bridge capabilities, adding support for several new tokens, including USDT, USDC, DAI, WBTC, and XFUND. “We are also collaborating with numerous third-party bridges to ensure they can assist in bridging many other tokens into Shibarium,” Dhairya added.
Moreover, the Shibarium team plans to renounce the Bone contract and add more validators to the network in the coming week. “Shibarium is open for everyone to develop upon. The SHIB team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life,” Dhairya concluded.
Shiba Inu Price Retracement Could Continue
The recent upgrades to Shibarium come amidst a period of retracement for the SHIB token. After peaking at a 4-month high of $0.00001195 on August 12, the meme coin is on a downward trajectory.
In the 1-day chart, SHIB slipped below the 61.8% Fibonacci retracement level at $0.00000796 yesterday. This level has served as extremely strong support on the daily chart since mid-August. The drop below the level could now mean that SHIB retraces lower to the 78.6% Fibonacci retracement level at $0.00000688. At the current price of $0.00000771, this could mean another 10% slide.
However, if the bulls surprisingly manage to turn the tide, the price level of $0.00000796 would be the first important step. To retake the mid-August high, SHIB will have to overcome a maze of resistances, notably the 20, 50 and 100-day EMAs, all of which lie ahead of the 50% Fibonacci retracement at $0.00000872.
If SHIB manages to overcome this price on a daily basis, it would be a strong bullish sign. Then, the 200-day EMA at $0.00000921 would be another tough challenge.
Featured image from Metaverse Post, chart from TradingView.com