Amid positive market sentiment, the Shiba Coin team has released a network upgrade for Shibarium. Let's explore the key aspects of this update and its potential impact on the Shiba Coin price.
Shibarium Upgrade
The Shiba Coin team has completed the mainnet upgrade for their L2 network, Shibarium. The latest version of Heimdall was released to enhance integration with the Ethereum Dencun network. The upgrade to v1.3.7 enabled processing of Dencun blob transactions, improving Ethereum compatibility. Security and performance improvements were implemented, along with the resolution of several bugs affecting validator node operations. A significant addition was the new burn contract, which will play a key role in token deflation.
Shiba Coin Analysis
Currently, Shiba Coin is hovering near the resistance level of $0.00002943. If the coin can maintain positions above this level, it will aim for the $0.00003309 mark. Although the upgrade may not immediately affect the price, there is potential for time-sensitive results due to the enhanced burn contract. In case of a downside, key support levels may include $0.00002790 and $0.00002322, with parallel channel support below at $0.00002078.
Conclusion
The Shibarium upgrade brings substantial network infrastructure improvements for Shiba Coin and holds potential positive price influence. However, market dynamics remain a key factor in the short term.
Introducing new functionalities in the Shibarium network strengthens Shiba Coin's market position. The price impact, while not immediately evident, may manifest over time through an enhanced token burn mechanism.
