The Shiba Inu ranks second among the most secure crypto projects


In a digital economy, security is one means of protecting your digital assets. The Shiba Inu was recently evaluated by the security research firm CertiK.

According to a recent tweet, the memecoin ecosystem placed second on the Security Leaderboard with a score of 93, behind only Polygon with a score of 95.

Shiba Inu has distanced itself from its memecoin roots ever since it gained widespread popularity. The non-blockchain version of the ecosystem’s NFT game Shiba Eternity was released in 2017 and was well received by the community.

The Shiba Inu community has responded well to the most recent CertiK score. According to the CertiK website, the ecosystem has 33 totally resolved on-chain vulnerabilities and one partly addressed problem.

With Shytoshi Kusama, the pseudonymous creator of Shiba Inu, hinting at the Shibarium update, this promise that the ecosystem would be secure is a wonderful way to differentiate the ecosystem from the terrible 2022 hacks that dominated the market.

In addition, the ecosystem included a burning mechanism last year. Shibburn, which tracks Shiba Inu burns, estimates that the ecosystem has consumed 83 billion SHIB in 2022 alone. As soon as the Shibarium update is implemented, these events will undoubtedly alter the public’s perception of the environment.

Recent market swings have depleted the bulls, and since then there have been profit-taking. The present momentum will cause SHIB to challenge the $0.00000799 support that has supported the recent uptrend.

Coingecko records reveal that as of the time of this writing, SHIB is trading at $0.00000941, up 12.2% over the previous seven days.

As investors and traders dip their toes into the mature Shiba Inu ecosystem, the introduction of the beta version of the update might affect the price. Additionally, the creators stated that each on-chain transaction will burn SHIB, resulting in a deflationary impact on the token. Increasing the price.

With the crypto market surge facing a fall, however, SHIB’s burning mechanism will not be sufficient to maintain the price. To maintain its positive trend, the coin must revisit the $0.00000968 barrier level.

The next publication of the Consumer Price Index would also play a significant role in SHIB’s surge. As of this writing, the token’s strong correlation with Bitcoin is both a boon and a burden.

If the CPI data indicates an improvement, the wider financial market will demonstrate confidence and drive the price of BTC higher. As the CPI data release date approaches, this bullishness might affect the SHIB market.

Also Read: Ripple Promotes Cryptocurrency Utility as a Key Driver for 2023

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