Shiba Inu's Shibarium, now allows much faster transfers between Shibarium and Ethereum, after cutting the bridging time from 7 days to 45 minutes
The faster bridge time is set to improve the general user experience, making Shibarium (and Shiba Inu) more attractive to users
SHIB's price might benefit from increased activity, as it faces resistance at $0.00002962.
The price of SHIB has recently hit resistance around $0.00002962 and might retest support at $0.00002387—a level investors are expected to watch closely.
The Shiba Inu community recently crossed a major milestone, and a win for the industry when it comes to scalability solutions.
The Shiba Inu development team unveiled an update for Shiba Inu’s Ethereum Scaling solution, Shibarium, which has dramatically reduced the time required to bridge tokens to Ethereum from a tedious seven days—to a mere 45 days.
This is massive. For Shiba Inu, for Shibarium, for the crypto community, and for Ethereum itself.
Let’s delve into what all of this means for everyone, and not just Shiba Inu enthusiasts.
Initially, when a user wished to bridge their assets from Shibarium to the Ethereum mainnet, they had to wait for seven days on average,
While put in place deliberately, this delay was introduced to encourage users to remain on the Shibarium network and promote price stability.
However, the Shiba Inu team has decided that this delay is no longer necessary, hence their moves to streamline the process and allow for faster, more efficient and less tedious token transfers.
The Shibarium network announced this new update on Twitter (X), urging enthusiasts to rejoice as a 7-day waiting period had now been cut down to a relatively smaller 45-minute bridge time.
This way, investors and traders who wish to capitalize on arbitrage opportunities can have their assets available whenever they need them.
The cut-down bridge time announcement
Moreover, the new Shibarium development also introduces a checkpoint mechanism, which works specifically for BONE token withdrawals.
Users can now transfer their BONE more efficiently, improving the overall user experience on the Shibarium ecosystem.
Shiba Inu has been bullish, even before the Shibarium news.
However, with the recently introduced ease of moving funds to and from the Ethereum network, there is bound to be an influx of new users, and therefore new liquidity on SHIB.
The liquidity that the cryptocurrency will need for what comes next.
As illustrated, Shiba Inu has been up by approximately 60% since hitting a $0.00001830 bottom in mid-April.
All before hitting a resistance wall around $0.00002962 on Wednesday this week.
Shiba Inu’s price action
As shown in the chart snapshot above, Shiba Inu is declining for a retest of the ascending trendline, after this rejection.
This is where to keep an eye out for.
The bulls are likely waiting to take action somewhere around $0.00002387, give or take.
If the bulls are successful, Shiba Inu might just rebound and make another attempt at breaking $0.00002962.
However, if we see a break and close below $0.00002387, the decline in this cryptocurrency will undoubtedly continue, bringing Shiba Inu down to $0.00002136.
In sum, investors are advised to watch out for what happens around $0.00002387, before making any decisions.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.