AltcoinsBitcoin (BTC)Ethereum (ETH)MemecoinsNewsPrice AnalysisShiba Inu (SHIB)

Shiba Inu Developers Launch New Upgrade – What Next?

Earlier in the day, the SHIB developers’ team announced the introduction of the engineering of their layer-2 blockchain known as Shibarium. The layer-2 platform functions above the ETH blockchain, which is momentarily used by Shiba Inu tokens, LEASH, SHIB, and BONE.

Its major trigger lies in its ability to balance the scales and enhance super-fast transactions with minimal charges. However, the layer-2 blockchain also provides several opportunities, especially in terms of providing services like NFTs transaction charges or adoption in which gas costs have made it extremely difficult and very expensive for small daily transactions.

What Next for Shiba Inu

The task of ensuring security and scalability falls to more than just those in charge of deploying nodes but also the delegates- the people developing token staking agreements, which serve as a reward scheme.

The distribution of rewards amongst the traders will be centered on a commission rate governed by regulators on the network. In addition, customers have the right to use SHIB test tokens through hidden test network portals; however, still waiting on official confirmation.

According to Crypto live updates, Shytoshi Kusama, the lead SHIB developer, continually announced the introduction of Shibarium would take place soon.

The Digital Market Reclaims a Trillion Level

The crypto market is trading higher on positive thoughts adopted by investors. As a result, the total crypto market cap recovered the crucial one trillion-dollar market cap.

According to the Coin Market Cap, the cumulative digital market capitalization heaved by more than 2% in the past to stand at 995 trillion dollars. On the other hand, the twenty-four-hour exchange volume has fallen by 25% to stand at 48.2 billion dollars.

BTC Short-term Investors Accumulate Profits

Glassnode, a blockchain data analyst, reported that BTC short-term investors’ profits skyrocketed. In addition, the price of the initial coin has appreciated by 1.91% in the past twenty-four hours, conferring the coin market cap.

The current twenty-four hours gain has increased Bitcoin’s weekly price result by more than 22.75%. During the press, Bitcoin is trading places at about 21,162.63 dollars. After hitting a daily high of around 21,345.25 dollars, Bitcoin’s price has regained, to some extent, its current price. The daily low currently stands at 20,606.99 dollars.

It was discovered this morning through a tweet that one trader could optimize on Bitcoin’s recent rally. Through a tweet, it is discovered that the trader entered into a trade on Bitcoin on GMX and was able to flip 167,000 dollars into over 2.2 million dollars.

Bitcoin’s price is trading at a resistance level of 21,132.28 dollars after turning around the resistance level at 20,170.04 dollars into funding a couple of days ago. Indicators on the Bitcoin chart advocate that there is optimum bullish funding to flip the current resistance level.

Meanwhile, the daily RSI line is well elaborated above the RSI SMA line and slopes positively toward the overexploited territory. Moreover, if the Bitcoin price fails to break the resistance level at 21,132.28 dollars, it is at risk of falling to the funding level of 20,170.04 dollars, and when this funding level cannot hold, then Bitcoin will fall to sub 20,000 dollars.

The former Chief Executive Officer of PayPal, Mr. David Marcus, announced that Bitcoin is the only blockchain not dependent on any particular company or entity compared to other decentralized digital assets.


Leave a Reply

Your email address will not be published. Required fields are marked *