Shibarium, the layer-2 network of the Shiba Inu (SHIB) ecosystem, successfully completed a significant hard fork on May 2.
This update promises to improve user interactions with the network by offering extremely fast transactions and more predictable gas charges.
Is Shiba Inu Ready for a Breakout After Shibarium Hard Fork?
Shibarium Network announced that it has completed the hard fork on X (formerly Twitter) at a block height of 4,504,576. A hard fork in blockchain technology requires a major upgrade that results in the network being split into two chains.
Introduced on April 24, this process brings fundamental changes that were not compatible with the previous software version. As a result, the Shiba Inu development team launched this ambitious upgrade to unlock advanced capabilities and streamline user interaction on the Shibarium platform.
The improvements from this Shibarium hard fork aim to meet community demands for better usability and performance. Ultimately, Shibarium aims to become more affordable and accessible by addressing the key concerns of its growing user base.
Additionally, the upgrade serves as a strategic move to spur innovation in the decentralized finance (DeFi) sector. By providing a robust and secure platform, Shibarium wants to be well positioned to support developers and users eager to explore new possibilities in the crypto space.
Shiba Inu developers have expressed excitement about the potential impact of the upgrade.
"Think of the hard fork as a necessary update to unlock next-level capabilities on our network. This isn't just a technical change; it's about delivering new value and simplifying interaction with Shibarium," Shiba Inu wrote.
From a market perspective, analysts are optimistic about the impact of the hard fork on SHIB, Shibarium's native token. Despite recent challenges, SHIB may see positive momentum from network improvements. Currently, SHIB is on the verge of a breakdown.
Technical analysis reveals that SHIB is forming a cup and handle pattern with a neckline at $0.00002349. If there is a successful break above this level, the token's value could rise by around 15% and it could test the resistance at $0.00002625.
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