Shiba Inu Takes No. 2 Spot In Most Secure Crypto Projects

In a digitized economy, security is one method to make sure that your digital assets are protected. Shiba Inu was recently examined by security evaluation company CertiK. In line with a recent tweet, the memecoin ecosystem ranked No. 2 in its Security Leaderboard with a rating of 93, only behind Polygon which has a rating of 95. 

Shiba Inu has been distancing itself from its memecoin origins ever because it garnered a big following. Last yr, it launched the non-blockchain version of the ecosystem’s NFT game Shiba Eternity which was warmly met by the community. 

With the nearing launch of the Shibarium upgrade, it might bring further utility to the ecosystem. 

Shiba Inu With Each Bark And Bite

The recent CertiK rating has been met with a warm embrace by the Shiba Inu community. In line with the CertiK website, the ecosystem had 33 on-chain bugs that were completely fixed with just one bug being partially resolved.

Image: VOI

With the Shibarium upgrade being hinted by Shytoshi Kusama, the pseudonymous founding father of Shiba Inu, this assurance that the ecosystem will probably be protected is a fantastic method to separate the ecosystem and tragic 2022 hacks that dominated the market. 

The ecosystem has also introduced a burning mechanism last yr. In line with Shiba Inu burn tracker Shibburn, the ecosystem has burned 83 billion SHIB in 2022 alone. These developments will definitely affect the general public’s view on the ecosystem once the Shibarium upgrade is launched. 

Despite All Of This …

Recent market movements have exhausted the bulls and has since been experiencing profit taking behavior. The present momentum will make SHIB test the $0.00000799 support which has sustained the present rally. 

As of this writing, SHIB is trading at $0.00000941, up 12.2% within the last seven days, data from Coingecko show.

The release of the beta version of the upgrade might affect the value as investors and traders dip their toes into the maturing Shiba Inu ecosystem. The developers also confirmed that every transaction on-chain would burn SHIB which might have a deflationary effect on the token. jacking the value up.

Crypto total market cap at $848 billion on the every day chart | Chart:

But with the crypto market rally facing a correction, SHIB’s burning mechanism won’t be enough to maintain the value up. For the bullish momentum to proceed, the token must retest the $0.00000968 resistance. 

The up and coming Consumer Price Index release would also play a giant part with SHIB’s rally. As of writing, the token is extremely correlated with Bitcoin which is each a blessing and a curse.

If the CPI data is showing improvement, the broader financial market will show confidence while also pushing the value of BTC upwards. 

This bullishness could come to the SHIB market because the CPI data release day nears.

-Featured image by Clearway

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