Will the Shibarium Hard Fork Catalyze a SHIB Price Boom?

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The Shibarium network is set to undergo a major change with two key upgrades: Bor and Heimdall. These upgrades are designed to improve the network significantly, leading many experts to view this as positive news for SHIB, the token associated with Shibarium. The Shibarum Hard Fork – these updates are often referred to as a ‘hard fork,’ which means the network will update in a way that is not backwards compatible with older versions – triggers several important questions. The most important among those questions is: Can these upgrades boost SHIB’s value? Let’s delve a little deeper to see if we can answer this! 

1. Hard Fork: What You Should Know 

A hard fork in a blockchain is when big changes are made to the blockchain’s rules or technology. It creates a permanent update that is not compatible with older versions. This type of upgrade can bring new features, fixes, or improvements to the network. Sometimes, a hard fork can even lead to the creation of a new blockchain or cryptocurrency. Essentially, it is a way to significantly upgrade the blockchain and introduce important changes. 

1.1. The Shibarium Hard Fork: A Short Intro

The Shibarium Hard Fork involves major updates to two important parts of the Shiba Inu blockchain: Bor and Heimdall. The Bor Hard Fork is set for May 2nd at 2:30 AM EST, while the Heimdall Hard Fork is planned for May 3rd at 12:30 AM EST. These upgrades aim to make the network more efficient and scalable. It also targets a significant improvement in transaction processing speed, a reduction in transaction costs, and a boost to the network’s capacity to manage a higher number of transactions.

1.1.1. How Does The Sibarium Hard Fork Work 

• The Bor Hard Fork aims to fix a problem with state sync, which is when blockchain data is copied across the network. It introduces a delay of 128 seconds to make sure data syncs correctly. This helps to avoid errors when parts of the network are out of sync. 

• The Heimdall Hard Fork focuses on making transaction confirmations more reliable. It does this by setting milestones to ensure transactions are confirmed consistently. 

Together, these upgrades can make Shibarium more stable and reduce the chance of errors. 

2. The Effect of The Shibarium Hard Fork on SHIB: A Basic Overview 

Let’s hear what the experts have to say about this before we delve further to explore what data conveys.

2.1. Experts Predictions About The Impact of The Shibarium Hard Fork on SHIB

Market experts believe that the Shibarium Hard Fork could positively impact SHIB. Recently, in the previous weeks, the price of SHIB fell by around 10%, and over the last month, it dropped by around 25%. Despite this downturn, there has been a small increase lately in the price, leading analysts to think the trend will continue into May, a historically good month for SHIB with an average profitability rate of 99.3%. These analysts suggest that the Shibarium Hard Fork might drive more interest and boost SHIB’s value. 

2.2. SHIB Historic Price Data Analysis

The current price of SHIB is $0.00002211.

In the beginning of April, it was around $0.00002867. It dropped to nearly $0.00002126, in the middle of the month. From there, it slowly picked up and even touched $0.00002692. But, since then, it had been consistently falling till May 1, 2024, when a strong green candle emerged. 

On the first day of the year, on 1st Jan 2024, the price of SHIB was just $0.00001063. It had been experiencing a sideways market till late February when it embraced a strong uptrend. The trend lasted till 4th May 2024, pushing the price of the cryptocurrency as high as $0.00003588.   

2.3. SHIB Price Prediction This Month  

Though the month of April gave several ups and downs to the price of SHIB, the month of May is expected to overturn the destiny of the cryptocurrency. The green candle, which emerged on the 1st of May, indicated strong buyer sentiment in favour of the coin ahead of the Hard Fork. May is historically a good month for SHIB with an average profitability rate of 99.3%. 

Endnote 

If things progress as expected, SHIB will soon meet an uptrend like the one it witnessed towards the end of February. For its volatile nature, how long the trend would stay is simply unpredictable.