What SHIB holders NEED to know about Shibarium’s latest upgrade
  • The hard fork is scheduled to take place on May 2nd.
  • SHIB has rallied in response to development buying and could face selling pressure in the coming days.

Shiba Inu [SHIB] Layer 2 (L2) blockchain Shibarium was preparing for an upcoming hard fork aimed at making the network faster and more cost-effective.According to coin market cap.

Evolved Shibarimumu

Blog post shared by Shiba Inu Marketing Director Lucy It has been revealed that social platform X will undergo a hard fork on May 2nd.

A hard fork is defined as a fundamental change to a blockchain that results in the creation of a new version of the network. This change is not backward compatible and all users will need to upgrade their network to continue participating.

Shiba Inu called this a “transformational upgrade” and claimed that the new version will reduce Shibarium’s block processing time, thereby increasing transaction speeds.

Additionally, this enhancement will stabilize trading fee fluctuations during peak demand periods, making them more predictable and affordable.

Situation of Shibarium

Launched in August 2023, Shibarium was an effort planned by the Shiba Inu ecosystem to go beyond its meme coin roots and add further utility to coins like SHIB and Bone ShibaSwap. [BONE].

As of this writing, the L2 network has processed approximately 415.8 million transactions, with December 2023 proving to be an inflection point in its trajectory, according to data from Shibarium Explorer. Since December, his cumulative number of transactions has skyrocketed 103 times.

However, we also saw significant fluctuations in fees during this period, as shown in the graph below. The upcoming hard fork was intended to prevent a similar situation from occurring again.

Shibarimusu statistics

Source: Shibarimumu Scan

Read SHIB’s 2024-25 price forecast

Will SHIB rush in?

Since SHIB and SHIB are directly related, improvements in the Shibrium ecosystem could weigh on SHIB. Each Shibarium transaction automatically burns some SHIB.

However, the memecoin was at risk of imminent selling pressure, according to an AMBCrypto analysis of Santiment data. Supply on exchanges has steadily increased in recent days, and whale trading has also increased.

SHIB selling pressure

Source: Santiment

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