Shiba Inu (SHIB) is recording an epic recovery at the moment to trail a general rebound in the crypto ecosystem. Besides the mainstream bullish outlook, the token’s growth push stems from the announcement from the protocol regarding the May 2 hard fork for its layer-2 scaling solution Shibarium.
Shibarium Hard Fork and Price Reaction
As uncovered by the team, Shibarium is on track to get a major performance update through the hard fork. This hard fork is arguably the first that will be implemented on-chain since the L2 engine went live on the mainnet in August 2020.
🧵 1/ SHIBARMY, we are on the brink of a transformative upgrade for Shibarium.
Through an upcoming hard fork expected to go live on May 2nd, we're introducing a suite of new features designed to enhance user experience and empower our community of innovators and developers.
— Shib (@Shibtoken) April 25, 2024
Having been rocked by performance issues including outages and dwindling transaction count, the Shiba Inu developers predict this upgrade will change the trend overall. As part of the first steps, the Shibarium hard fork will implement quicker block processing times. It will also level the playing field for transaction variations in times of large traffic record.
The primary target for this update is to make the Shibarium network more usable for all. To guarantee this upgrade is fully functional, Shiba Inu developers encouraged users to test the update and provide necessary feedback.
This upgrade announcement helped SHIB recover from its weekly lows. At the time of writing, the token is up 4.65% over the past 24 hours and is trading for $0.00002589 per CoinMarketCap data. In the trailing week period, it is up 13.65% showing its headwinds are largely over.
Shiba Inu Adoption is Growing
While the quest for Shibarium upgrade has continued to grow, so also is the adoption of Shiba Inu on a mainstream level. As reported earlier by BGEcrypto, Robinhood expanded support for Shiba Inu trading on its platform to New York residents earlier this week.
This adoption can help sustain the trend of SHIB transfers by anonymous whales within the ecosystem.
