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Shiba Inu's Shibarium has rolled out an enhanced security feature, aiming to attract developers and new projects as market confidence in the token grows.
New Security Feature Enhances Shibarium
An important update to Shibarium, its Layer 2 blockchain, was released by Shiba Inu.
Per Coingape, an update to the L2 that improves network openness was revealed by Lucie, SHIB's marketing lead, on X today. At the same time, SHIB's pricing reflected optimism today by trading in the green.
Today, Shibarium L2 incorporated a crucial feature called "Security Score," as stated in Lucie's X post on August 17. Contracts built on the Shib network are the focus of this function.
Lucie states:
The marketing executive from SHIB released a screenshot showing that after the update, all contracts on the network are scanned for security vulnerabilities.
The security scan is executed using SolidityScan, a scanner for vulnerabilities in Smart contracts that is hosted in the cloud. In addition, the scan provides a number from 1 to 100, allowing for an accurate assessment of the security or vulnerability of contracts.
Many in the cryptocurrency sector were quick to respond positively to the development, expressing hope for the future of the meme token in the crypto and Web3 markets. Market confidence was further reinforced when the L2 included ShibTorch, an auto-burning capability for Shibarium.
Concurrent with the aforementioned event, the Shiba Inu coin exhibited strong buying interest from investors and dominated the green market today.
SHIB Price Reflects Growing Optimism
Today, the price of SHIB surged 2%, trading at $0.00001337. In a 24-hour period, it reached a low of $0.00001295 and a high of $0.00001341.
The data from Coinglass showed that the coin's futures OI increased by 4.17% to $25.39 million, which is a significant increase and a sign of optimism. Nevertheless, today's derivatives volume fell 42.29 percent to $31.35 million.
There appears to be selling pressure on the Shiba Inu currency, as its 14-day RSI slid around 37. Nevertheless, if the coin continues to fall in value, it may reach oversold territory, which might lead to a price recovery.
Shiba Inu Investors Eye Future Developments
As the present market dynamics provide an unclear environment, crypto market participants are keeping a close eye on the dog-themed meme coin for any future changes in price action. However, the changes noted before provide some optimism.
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