Security Audit Relegates Shiba Inu: CertiK Tackles Issues in AMA

Blockchain security auditors discuss the outcome on Discord.

Shiba Inu sitting on a stage in spot light.
Created by Gabor Kovacs from DailyCoin
  • Shiba Inu (SHIB) got rejected at $0.000009 key support.
  • Shibarium developers are working on ShibaSwap 2.0.
  • CertiK is likely to perform another audit on DEX launch.

The popular memecoin Shiba Inu (SHIB) has been downgraded by the blockchain security firm CertiK by 2 percent to a 93.67 overall trust score. This calculation gives Shiba Inu Ecosystem AA status, which is deemed secure and trustworthy.

Meanwhile, Shibarium developers recently unearthed more details about ShibaSwap 2.0, the decentralized exchange currently being built on Shibarium. Moreover, Shibarium’s devs specified that CertiK would likely be hired to audit the forthcoming DEX.

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The drop in security rating still puts the two-year-old memecoin SHIB in the top 5% most trusted projects, according to the blockchain cybersecurity company. To answer any uncertainty, CertiK announced a Twitter Ask-Me-Anything (AMA) today, which sparked much enthusiasm from the SHIB Army.

Discord AMA Unveils What’s Behind the Hype

SHIB Token’s official Discord is buzzing with crypto enthusiasts trying to discover more details about Shiba Inu’s Layer-2 scaling solution. Ragnar, a prominent Shibarium admin, explained that this would allow SHIB to trade on cheap gas compared to the rising gas fees of Ethereum (ETH).

Shibarium offers faster transactions, as already proven by 5 seconds average block time on the ‘puppynet’ testnet. While this version exploits $tBONE, the mainnet will use Bone ShibaSwap (BONE) for gas fees and decision-making in DoggyDAO.

At press time, the 16-ranked canine coin SHIB is changing hands at $0.00000892, according to CoinGecko. The daily charts show signs of bullish divergence with 2.2% daily gains, even though SHIB got rejected at $0.000009. Notably, the crucial support line refused to consolidate for the fourth time in the last two weeks.

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Currently, as the developers are working on ShibaSwap 2.0 with daily charts, trends, and other research tools, the SHIB Army is asking important questions on Shiba Inu’s Discord channel.

On the Flipside

  • The reduction of Shiba Inu’s security score caused a fiery reaction from the community.
  • Shibburn soared by 11522.91%, while one transaction burned 1.23 billion $SHIB.

Why This Matters

Security audits are essential to understand a blockchain ecosystem’s growth.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.