Shiba Coin Team Announces Network Upgrade and Its Impact

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The positive environment in cryptocurrency markets has led altcoin teams to announce significant updates in quick succession. These steps are crucial for standing out during this process. Throughout November, we anticipated that good news would emerge for specific altcoins within weeks, potentially driving their prices upward.

Shibarium Upgrade

As this article was being prepared, the Shiba Coin team announced the completion of the mainnet upgrade for their l2 network, Shibarium. The latest version of Heimdall was released for Shibarium, facilitating seamless transactions with the Ethereum Dencun network. Here are some key points summarizing the recent upgrade:

• The upgrade to v1.3.7, which can process blob transactions offered by Dencun, improves Ethereum compatibility.
• The Bor package was developed to ensure Heimdall can properly parse Ethereum Layer 1 blocks following Dencun’s blob transactions.
• Documentation was added to enhance clarity for more than four modules.
• Security and performance improvements were implemented.
• Multiple bugs that hindered the smooth operation of validator nodes were resolved.
• A new burn contract was introduced, becoming more meaningful for deflation.
• Numerous updates related to the Mul POS (Proof-of-Stake) bridge will support cross-chain functionality.

The most critical detail here is the upgradable burn contract. The team is likely to make a new announcement regarding this soon. A significant step in the burn mechanism that supports deflation could lead to rapid results in price, and the team appears to be preparing the necessary infrastructure with this in mind.

Shiba Coin Analysis

The resistance that must be broken for an upward trend is at $0.00002943, with Shiba Coin currently hovering just below this level. If the altcoin can maintain closures above this resistance, it will aim for the $0.00003309 threshold.

Although the network upgrade may not have a significant impact on price, we could see a sudden movement due to the upgradable nature of the burn contract. Even with BTC under $95,000, the consolidation area supports an upward trend for altcoins.

Traders can position themselves based on whether the parallel channel resistance is surpassed. In case of a pullback, the levels of $0.00002790 and $0.00002322 may come into play. Below that, parallel channel support is located at $0.00002078.

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