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Shibarium Hard Fork Successful: Why Are SHIB Prices Down -50%

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Shibarium recently hard forked, making Shiba Inu L2 even more efficient. Even so, SHIB price remains under pressure, down 50% from March highs

Shibarium recently hard forked, making Shiba Inu L2 even more efficient. Even so, SHIB’s price remains under pressure, down by -50% from March’s highs. What’s going on with SHIB and the meme coin market?

Meme coins can be enjoyable to trade or invest in, but while some have made millions, most people spread their investments across multiple coins in the hopes of making a profit.

Though fun, meme coin deployers must be picky about the base layer. Ethereum was popular then, but layer-2 protocols like Arbitrum are taking over because of the high gas fee. High-throughput, low-fee modern chains like Avalanche and Solana are also benefiting from this migration.

In the quest to stay ahead, Shiba Inu developers know that change is a must. They must improve, adapt, and evolve to have an edge.

What Exactly Was The Shibarium Hard Fork?

Following the launch of Shibarium, a layer-2 platform for Ethereum similar to Optimism or Base, developers have relieved the undue pressure of transacting on the costly Ethereum on which Shiba Inu first launched.

Early this month, Shibarium hard forked, meaning technical updates necessitated all validators to upgrade. The hard fork was successful, and now the platform is ready for some “next-level capabilities” that will significantly smooth user experience while making the platform more secure.

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Though Shibarium is fast, changes made the platform even faster. The hard fork led to a more predictable gas fee structure. Notably, the upgrade directly addresses user feedback, tackling key concerns regarding usability and performance.

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Will Shibarium Features Lift SHIB Prices After A -50% Dump?

One of Shibarium’s core strengths lies in its interoperability and ease of use. Acknowledging this advantage, a Shibarium moderator divulged that these features empower users. 

“One of the great things about Shibarium is that it allows anyone to create their blockchain applications. It’s like a marketplace where people can build and customize their solutions using blockchain technology.”

Adding,

“Shibarium is committed to providing a secure and user-friendly platform that connects different blockchain networks and brings the benefits of blockchain technology to the wider internet.”

For now, Shiba Inu is the second most valuable meme coin after Dogecoin, with a market cap of over $13 billion. Although Shibarium is core and was further improved, SHIB prices are flat, tracking lower at press time.

(SHIBUSDT)

SHIB price is roughly -50% from all-time highs and inching closer toward local support at around $0.00002030.

However, if buyers flow back, a close above $0.00002819 might trigger demand, lifting prices toward March highs.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

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