The layer-2 blockchain of Shiba Inu With its successful hard fork, Shibarium has attracted attention from the larger cryptocurrency community. The goal of the second update, the Heimdall hard fork, is to improve the transaction reliability of the Shibarium blockchain and help the network achieve “deterministic finality” following the successful Bor hard fork.
The hard fork was met with instant reaction from traders, and the SHIB price gained upside momentum following a reversal, reaching an intraday high of $0.00002345.
Shiba Inu Completes the Hard Fork With Success
According to the Shiba Inu team, the hard fork at block height 4504576 was successfully completed. Shibarium Network, the official account of the Shibarium blockchain on X, also posted on May 3 to inform the wider crypto community about the new milestone.
The hard fork is a crucial move for Shiba Inu to optimize its blockchain infrastructure for future growth and adoption. More specifically, the hard fork improved network performance, enhanced transaction processing, and set the stage for future expansion and uptake.
Shibarium Network stated, “Be ready for lightning-fast transactions and predictable gas fees.” These updates aim to increase network performance, enhance consensus processes, and add new features that facilitate scaling.
The hard forks will accomplish deterministic finality on the Shibarium network and lessen the earlier occurrence of sync problems and gas expenses.
The Shiba Inu team is looking at innovations and future advancements in Web3 and decentralized finance. New DeFi functionalities were introduced when Shiba Inu’s decentralized exchange, ShibaSwap, recently moved from Ethereum to Shibarium.
Additionally, Shytoshi Kusama mentioned the $12 million in funding that industry titans obtained for Shibarium and layer-3 blockchain projects.
Is the SHIB Price Recovering?
The price of SHIB reversed as whales began hoarding meme coins at the bottom. With a 6% increase in the last day, the price is now trading at $0.00002303. $0.00002176 is the 24-hour low, and $0.00002343 is the 24-hour high. Nonetheless, over the past day, the trading volume has dropped by 22%, suggesting that traders are becoming less interested.
According to Coinweber Markets, the Shiba Inu price can surge to $0.0001 amid the whale buying activity. However, despite a return, the price could see a short-term dip to confirm the recovery.
