Shiba Inu News: Puppynet To Undergo Major Upgrade
The Shiba Inu team announced that Puppynet, the testnet version of Shibarium, will undergo major updates. The upgrade includes a new version of Bor, a core network component, and the implementation of the Cancun hard fork.
Shiba Inu announced an upgrade of its ecosystem. Source: X
Puppynet is crucial for the Shiba Inu (SHIB) cryptocurrency’s development. Testnets like Puppynet allow developers to test new features without risking real assets. Testnets, unlike mainnets, are valueless and help identify potential vulnerabilities. Ethereum, for example, uses its own testnets, such as Sepolia, for similar purposes.
The Shibarium upgrade focuses on Bor’s update to version 1.3.7-bone-beta and the Cancun hard fork. These improvements will deliver faster transactions, better storage systems, and an enhanced user experience.
Shiba Inu’s Shibarium to Get Bor Version Update and Cancun Hard Fork
The Bor update is a key part of the Shibarium network upgrade. Bor manages transactions and maintains the network’s state. The new version, 1.3.7-bone-beta, will improve gas management, reduce storage costs, and enhance network security.
The Shiba Inu’s Cancun hard fork will introduce additional improvements to Shibarium. It aims to refine network performance and security by integrating updates from Geth, the software behind Ethereum. The Proof-of-Stake (POS) bridge, which moves assets between Shibarium and other blockchains, will also receive updates.
Amid these developments, analysts predict Shiba Inu will reach $0.00015 despite its recent struggles. However, the Shiba Inu price currently stands at $0.000013, down 1.07% from the last 24 hours.
SHIB/USD Daily Price Chart. Source: TradingView
SHIB’s current price is slightly above the 20 EMA, which indicates short-term bullish momentum. The 20 EMA is above the 50 EMA, suggesting a bullish trend in the short term.
The 50 EMA is above the 100 EMA, which is a bullish indicator, but the 100 EMA and 200 EMA are close together, indicating potential consolidation.
The RSI value is 51.08, which is in the neutral zone. This indicates that SHIB is neither overbought nor oversold. An RSI above 70 would suggest an overbought condition, while below 30 would indicate an oversold condition.
If SHIB manages to break above the resistance at 0.00001385 with strong volume, the next target could be around 0.00001400. However, if the price fails to break this resistance and the RSI starts declining, SHIB could retrace back to the support level at 0.00001344.
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