Shibarium Prepares for a Major Hard Fork - What Does This Mean for SHIB Price

Shibarium, a layer 2 network for the Shiba Inu ecosystem built on Ethereum, is on the verge of a transition with an upcoming hard fork. The hard fork will officially take effect on Tuesday morning this week according to Indian Standard Time. The fork may occur as early as late Monday for users in Western time zones. Since its launch in 2023, the Shibarium network has become quite popular. The platform has processed nearly 600 million transactions, reaching a milestone of 500 million earlier this month. Shibarium runs on the Ethereum blockchain, leveraging its security and framework while adding its own unique features. Furthermore, about 2 million blockchain addresses have joined Shibarium and the network has successfully processed over 8 million blocks. Expectations for the Shibarium Hard Fork A hard fork occurs when there are changes to the software that runs cryptocurrency on its blockchain, which is the system that tracks every transaction. Like any other software, updates can improve the way it works The upcoming upgrade for Shibarium focuses on scalability, enabling the network to process more transactions and maintain a seamless user experience during busy periods. Additionally, the hard fork will improve transaction speed by optimizing processing methods, significantly reducing confirmation times, and enhancing reliability. Furthermore, this upgrade is designed for long-term durability, ensuring that the network can scale effectively for future development and meet the needs of its expanding ecosystem. For security purposes, token holders are encouraged to always be vigilant, check their wallet connections and transaction status before and after the upgrade. This hard fork is based on significant progress achieved recently. On November 30, Shiba Inu ecosystem developer Kaal Dhairya announced the completion of maintenance efforts on the Shibarium bridge. This upgrade temporarily puts the bridge in maintenance mode to address security concerns and prepare for future changes, with Dhairya assuring users that their funds remain safe throughout the process. However, the hard fork was not without challenges. They can confuse investors when a new but similar cryptocurrency emerges from the original. Furthermore, hackers could exploit vulnerabilities in the blockchain after a hard fork, potentially leading to issues such as 51% or replay attacks. Potential Impact on Shiba Inu Price The impressive growth of Shiba Inu has reclaimed its position in the top 10 cryptocurrencies, boasting a notable market valuation of $17.9 billion. As of now, Shiba Inu is priced at approximately $0.000030, representing a decrease of 1.47% in the past 24 hours. However, over the past month, the token has surged by 46% and increased by 16.26% in the past week, demonstrating a continuous growth trend. Over the past year, it has surged over 200%, tripling investor profits in a relatively short period of time. Expected updates for Shibarium and the launch of Shiba Inu Metaverse are expected to further boost the price of Shiba Inu. Market analysts are monitoring the next resistance level set at $0.000035. This hard fork could signal the start of a bullish phase for investors, creating an early Christmas celebration for them.