Shibarium Intends To Draw Projects, Dev With New Feature

Shiba Inu coin: Dogecoin’s prominent rival, Shiba Inu, has recently rolled out a vital update for its Layer 2 blockchain, Shibarium. Today, SHIB’s marketing lead Lucie took to X, revealing an upgrade for the L2 that enhances transparency across the network. Meanwhile, SHIB’s price traded in the green today, mirroring optimism.

Shiba Inu Coin’s L2 Adds “Security Score” On Network

According to Lucie’s X post dated August 17, Shibarium L2 added a vital feature today known as “Security Score.” This feature zeroes in on the contracts created on the Shib network.

As per Lucie, “This is a game-changer for anyone navigating the ecosystem, offering an extra layer of transparency and peace of mind.” Upon looking at the screenshot shared by the SHIB marketing exec, it can be seen that contracts on the network go through a security scan following the update.

Notably, the security scan is conducted through SolidityScan, a cloud-based Smart-contract vulnerability scanner. Moreover, the scan facilitates a 1 to 100 score for a precise gauge of whether contracts are secure or vulnerable.

The announcement soon gained significant traction across the crypto industry, echoing optimism for the meme token’s crypto and Web3 journey. Also, it’s worth noting that the L2 recently unveiled a Shibarium auto-burning feature, ShibTorch, further solidifying market optimism.

Simultaneously, the Shiba Inu coin traded dominantly in the green territory today, mirroring investor enthusiasm alongside the abovementioned development.

SHIB Price Pumps 2%

As of writing, SHIB price traded at $0.00001337, an upswing of 2% today. Its 24-hour lows and highs were $0.00001295 and $0.00001341, respectively.

Notably, Coinglass data spotlighted a 4.17% upswing in the coin’s futures OI to $25.39 million, further reverberating optimism. However, the derivatives volume dipped 42.29% to $31.35 million today.

The Shiba Inu coin’s 14-day RSI moved along 37, hinting at the presence of some selling pressure on the asset. However, further downside momentum could see the coin entering into an oversold territory, paving the way for a potential price rebound.

Crypto market participants continue to eye the dog-themed meme coin for further price action shifts as current market dynamics paint an uncertain scenario. Nonetheless, the abovementioned developments add an optimistic tint.

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Annah Mugoiri

Annah is a Market Analyst and Blockchain Technology Writer at Coingape. With over 5 years of experience, she is highly skilled in the crypto market and well-versed in blockchain technology. Mugoiri offers the latest news and insightful analysis, making her a valuable resource for informed decisions in the crypto space.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.