Shiba Inu (SHIB) has experienced a decline in its social dominance over the past week, indicating a decrease in the popularity of the meme coin. Despite being oversold according to the Relative Strength Index (RSI), other indicators point to a potential price drop in the bear market.
However, SHIB has a history of quickly responding to updates in its ecosystem, and an upcoming Shibarium update could reverse the downward trend.
With the Shibarium update, there may be a potential opportunity for the currency to regain its footing and improve market performance.
Shiba Inu’s Shibarium Update is Progressing
A Shiba Inu-focused account named Lucie has revealed new details about the highly anticipated Shibarium update for Shiba Inu. According to the tweet, the Shiba Inu team is currently working on implementing VOR and OoO on the Shibarium beta testnet. The next step will be to deploy the 0o0 and VOR Router smart contracts to Shibarium Layer 2 and then activate Oracle applications.
#ShibariumBETA UPDATE May 2023
OoO& VOR Deployment on Shibarium testnet
“We are currently in the process of deploying both VOR and OoO on Shibarium beta testnet.
To date, we have deployed the FUND Test token on Shibarium beta testnet, and have successfully bridged L1 to L2. We… pic.twitter.com/CWwgC4j0ht— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 10, 2023
Additionally, the team has made progress in transferring FUND test tokens between L1 (Goerli) and L2, which is a significant development. Currently, the FUND Test token has been deployed to the Shibarium beta testnet and successfully bridged L1 to L2.
This update shows steady progress towards the launch of the Shibarium project. With the distribution of smart contracts and successful transfer of test tokens, the team is one step closer to bringing the full potential of Shibarium to the Shiba Inu ecosystem.
Shiba Inu Price Reaction
Investors and analysts had hoped that the Shibarium update would give Shiba Inu’s market performance much-needed momentum. However, market sensitivity towards SHIB has not changed, and the downward trend in its value has continued.
Shiba Inu has experienced a decline not only in its price but also in its popularity in the crypto space, indicating a decrease in its social dominance.
According to data from CryptoQuant, SHIB’s exchange reserve has also decreased, indicating that the token is not currently under significant selling pressure.
