Among the latest crypto news of the meme coin Shiba Inu, we cannot miss the hard-fork update on May 2nd, while the price of SHIB is down by -12% in the last seven days.
Summary
Shiba Inu meme coin: the upcoming hard fork of the crypto to unlock advanced features in the network
Last week, in a series of tweets, Shiba Inu talked about the upcoming hard fork of its blockchain Shibarium, scheduled for May 2nd.
“SHIBARMY, we are on the brink of a transformative update for Shibarium. Thanks to the upcoming hard fork, scheduled for May 2nd, we are introducing a series of new features designed to enhance user experience and empower our community of innovators and developers.
We consider the hard fork as a necessary update to unlock advanced features in our network. It’s not just a technical change, but about offering new value and simplifying engagement with Shibarium.
Basically, Shiba Inu’s blockchain, Shibarium, is about to undergo an update where faster block processing times and more predictable transaction fees will be implemented.
Not only that, there is also the integration of cutting-edge practices from the wider cryptocurrency community in the pipeline, to ensure that Shibarium can improve the transparency and efficiency of its burning system.
The team behind Shibarium hopes that these updates are designed to help the crypto community push the limits of what is possible in the DeFi.
Shiba Inu coin: the latest news from crypto-exchanges
Highlighting the latest Shiba Inu crypto news, there are a couple that concern crypto exchanges.
And indeed, Robinhood has announced the listing of SHIB, AVAX, and COMP on its app for New York residents.
“Now we are in New York! The concrete jungle of dreams! All you Shiba in the Big Apple and surroundings can now exchange $SHIB on @RobinhoodApp.”
Attention New York Shiba Inu ($SHIB), Avalanche ($AVAX) and Compound ($COMP) are now available for residents in the State of New York! Buy, sell, and trade your favorite cryptocurrencies on the Robinhood app. Check out the full list of available assets: http://rbnhd.co/crypto-list”
On the contrary, the crypto-exchange Bitget has spoken about the performance of the SHIB ecosystem in its first quarter of 2024, stating that the trading volume has increased by 416% and the number of traders by 178%.
“In the 1st quarter we witnessed a surge in the #SHIB ecosystem sector, with a 416% increase in trading volume and a 178% increase in the number of traders. The top 3 gains in the SHIB ecosystem sector: 1) $SHIB +190% @Shibtoken; 2) $LEASH +87%; 3) $BONE +25%. Find more trending tokens in SHIB.”
The price performance of the memecoin SHIB
Looking at its price, however, SHIB seems to have followed the general bearish trend of cryptocurrencies, recording a -12% dump in the last seven days.
The second memecoin in the world, with over 14 billion dollars in market capitalization, has gone from price of 0.000027$ to 0.000024$ in the last week.
Only in the last 24 hours, moreover, the price of SHIB has dropped by -5%. Looking at the monthly chart, instead, the price of SHIB appears to be in a dump of -22%.
Yet, recently, the main holders of SHIB had unleashed a wave of enthusiasm with an extraordinary increase in their holdings. In fact, in mid-April, whales were found to have accumulated a whopping 2.85 trillion tokens in just 24 hours.
Not only that, at stake for the Shiba Inu meme coin there also seems to be the creation of a new blockchain that acts as a Layer 3, focused on privacy. So while SHIB is an ERC-20 token (based on Ethereum) and Shibarium is a Layer 2 of Ethereum, now there would be the need to develop the Layer 3 blockchain.
Currently, the Shiba Inu project has raised 12 million dollars to develop its new blockchain, thanks to the sale of the new token TREAT. Among the investors, there have been Polygon Ventures, Animoca Brands, Mechanism Capital, Woodstock Fund, and others.
