This week, Shiba Inu’s Ethereum-based Layer-2 network, Shibarium, is gearing up for a groundbreaking upgrade that could potentially impact SHIB’s price.
On April 24, Shiba Inu developers announced the forthcoming hard fork. This upgrade promises a range of new features to improve user experience and foster a vibrant community.
How Shibarium Hard Fork Could Impact SHIB Price
The Layer-2 network Shibarium upgrade is slated for May 2. This significant update will ensure better network stability by targeting the volatility of transaction fees during peak usage, ensuring more consistent and predictable costs.
Besides that, the hard fork would ensure Shibarium can facilitate faster and more cost-effective transactions for its users. Furthermore, the upgrade sets the stage for heightened innovation and exploration within DeFi, empowering users and developers alike to push boundaries.
“These changes will make Shibarium not only easier to use but also more robust and secure, ensuring you have the best tools at your fingertips to build and innovate…This upgrade will significantly boost the security and consistency of the network, providing a reliable foundation for your projects,” developers explained.
Read more: Layer-2 Crypto Projects for 2024: The Top Picks
Market analysts view this network upgrade as bullish for SHIB, a digital asset that has faced significant challenges recently. Over the past week, SHIB’s price has dropped by approximately 10%, and it is down by about 25% over the last 30 days.
However, there has been a modest uptick of nearly 2% in the past 24 hours. SHIB is trading at $0.000025.
Shiba Inu Monthly Returns. Source: CryptoRank
Notably, analysts foresee this upward trend extending into May, which is usually profitable for SHIB, boasting an average profitability of 99.3%. If history repeats, SHIB’s price could surge to $0.000050 in the upcoming month.
“If you need a 50% boost in your portfolio, you should consider buying SHIB. That’s red trend line in my chart can’t hold SHIB down no more. All confirmations has been met!! We shattering take profits,” crypto tarder Dream Chaser wrote.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Still, investors are cautioned to tread carefully. While the average profitability paints an optimistic picture, the median profitability offers a more restrained outlook.
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