A Shiba Inu or Shib cryptocurrency with copy space, standing outdoors with a blurry background of night city lights and reflection on a wet surface. 1 Sheba coin token banner, place for text
The Shiba Inu was recently scrutinized by security analysis firm CertiK, and according to A tweet Recently, the memecoin ecosystem ranked second on the company’s “Security Leaderboard” with a score of 93, behind only Polygon which had a score of 95.
The Shiba Inu token has deviated from the origins of the memecoin ever since it gained a large following. Last year, the NFT game ecosystem was launched, and Sheba immortality It was warmly received by the community, making it into the top 20 games in the App Store in just 24 hours.
According to CertiK, the ecosystem had 33 in-chain bugs that were completely fixed, and only one was partially resolved. With Shibarium’s update being proposed by Shiba Inu founder Shytoshi Kusama, this assurance that the ecosystem will be secure is a great way to separate the ecosystem from the disastrous 2022 hacks that have dominated the market.
The ecosystem also introduced last year’s burning mechanism. According to Shiba Inu burn tracker Shibburn, the ecosystem burned 83 billion SHIBs in 2022 alone. These developments will certainly affect the public’s perception of the ecosystem when the Shibarium update is released.
At the time of writing, the SHIB token was trading at $0.00000936, up 11.7% over the past seven days, according to data from Coingecko.
The release of the beta version of the update may affect the price as investors and traders test the more mature Shiba Inu ecosystem. The developers have also confirmed that every on-chain transaction will burn the SHIB, which will have a deflationary effect in driving up the price.
But with the cryptocurrency market recovery facing a correction, the SHIB burn mechanism will not be enough to keep the price higher. For the bullish momentum to continue, the coin must rebound to the $0.00000968 resistance level.
The release of the CPI will also play a big role regarding the price of the SHIB token, which is closely related to Bitcoin, which is both a blessing and a curse.
If the CPI data shows an improvement, the broader financial market will show confidence as it pushes the price of Bitcoin higher, and this rally may be reflected in the SHIB market.