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The Shiba Inu (SHIB) has experienced a decline in social dominance over the past week, indicating a decline in the popularity of the meme coin. Despite being oversold based on the Relative Strength Index (RSI), other indicators were bearish, suggesting potential further price declines.
However, SHIB has a history of being quick to respond to updates in its ecosystem, and the upcoming Shibarium update could potentially reverse the downward trend.
With the release of the Shibarium update, the coin may have the potential to regain its position and improve its market performance.
Shiba Inu Shibarium Update Moves Forward
In a tweet, Lucy’s shiba inu-focused account revealed new details about the long-awaited shibarium update for shiba inu. According to the post, the Shiba Inu team is currently working on implementing VOR and OoO on the Shibarium beta test network. The next step is to deploy the 0o0 and VOR Router smart contracts at Shibarium layer 2 and then activate the Oracle applications to execute data queries.
#ShibariumBETA UPDATE May 2023
OoO& VOR Deployment on Shibarium testnet
“We are currently in the process of deploying both VOR and OoO on Shibarium beta testnet.
To date, we have deployed the FUND Test token on Shibarium beta testnet, and have successfully bridged L1 to L2. We… pic.twitter.com/CWwgC4j0ht
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 10, 2023
In addition, the team has made progress in transferring test FUND tokens between L1 (Goerli) and L2, which is a significant achievement. As of now, the FUND test token has been deployed on the Shibarium Beta Test Network and L1 has been successfully connected to L2.
SHIB’s market capitalization decreased by $5.11 billion. Chart: TradingView.com
This update indicates that the Shibarium project is steadily moving towards its launch. With the implementation of smart contracts and the successful transfer of test tokens, the team is one step closer to unlocking the full potential of shibarium in the Shiba Inu ecosystem.
Price reaction to shiba inu
Investors and analysts were hoping that the Shibarium update would provide a much-needed boost to Shiba Inu’s market performance. However, it seems that the market’s attitude towards SHIB has not changed, and the downward trend in its value has continued.
The Shiba Inu has experienced a decline not only in its price, but also in its popularity in the cryptocurrency space, as evidenced by the decline in its social dominance.
According to CryptoQuant data, the SHIB exchange reserve is also declining, suggesting that the token is not currently under any significant selling pressure.
Meanwhile, the value of the Shiba Inu, according to CoinGecko, is currently at a modest $0.00000865, which is down 2.5% in the last 24 hours and down 13.3% in the last seven days.
– Featured Image from Analytics Insight