Security remains crucial for the safety of your digital assets in the modern economy. CertiK, a security analysis firm, recently examined Shiba Inu. The latest tweet indicates that the Dogecoin competitor ranked 2nd in the Security Leaderboard, with a 93 score. SHIB follows Polygon, which exhibited a 95 score.
Shiba Inu has distanced itself from its origins since it gained a massive following. It launched an NFT marketplace Shiba Eternity in 2022, and the community warmly welcomed the project. The ecosystem will likely enjoy increased utility as the Shibarium upgrade launch nears.
Shiba Inu’s Bark & Bite
The SHIB community has warmly accepted the latest CertiK score. CertiK’s website indicates that the platform had around 33 on-chain bugs completely fixed and only one with partial. With Shiba Inu’s pseudonymous founder Shytoshi Kusama hinting at the Shibarium upgrade, the assurance about the ecosystem’s safety is a lucrative approach to avoid tragic hacks that prevailed in the market in 2022.
Also, the project launched a burning mechanism in 2022. Shibburn indicated that the blockchain destroyed 83 million tokens in the last year alone. Such developments could impact the public’s stance on Shiba Inu after Shibarium’s launch.
Regardless
The latest movements in the marketplace have exhausted Shiba Inu bulls due to profit-taking tendencies. Nevertheless, the prevailing momentum will likely see SHI testing the support at $0.00000799 – which sustained the ongoing rally.
SHIB traded near $0.00000942 during this writing, gaining 12.2% over the past seven days (CoinGecko data). The beta version upgrade may impact the token’s price as market players explore the maturing SHIB ecosystem. Also, developers stated that each on-chain transaction would destroy SHIB. That may trigger a deflationary impact on the coin, propelling its price.
Despite the ongoing correction in the broad cryptocurrency market, Shiba Inu’s burning mechanism will need to be revised to ensure elevated prices. Therefore, Shiba Inu should retest the resistance zone of $0.00000968 to extend the bullish momentum.
The upcoming CPI release would also be crucial for SHIB’s rally. SHIB showed a high correlation with Bitcoin during this writing, which is a curse and blessing. Improvements in the CPI data would build confidence in the overall marketplace, pushing BTC’s price higher. Thus, enthusiasts can expect SHIB bullishness as the CPI release nears.
The Crypto Market
The cryptocurrency market continues the upside journey amid improved broad sentiment. The cryptocurrency market capitalization gained 3.23% over the past day to $884.71 billion. Also, digital coins painted their daily charts green with impressive upsides within the last 24 hours.
Bitcoin cements its position beyond the $18K mark. The world’s leading crypto gained 3.98% over the last 24 hours to $18,118.98. Maintaining such actions will likely support SHIB’s upward trajectory.