What Shiba Inu’s (SHIB) On-Chain Security Engine Test Reveals

The on-chain security intelligence engine provided by CertiK indicates why crypto investors trust Shiba Inu.

Shiba Inu on a green machine with grass and trees growing out of it.

The on-chain data analytics tool CertiK recently published a technical report on Shiba Inu’s (SHIB) health, social mentions, and overall security rank. As $SHIB and #ShibaInu are trending again on Twitter this Tuesday afternoon, Shiba Inu recorded a day in the green with 3.9% gains for the past 24 hours.

SHIB also had a strong rebound week, with a 13% increase in the last seven days. At press time, the mega-popular memecoin trades at $0.00000927, according to CoinGecko.

Key Strong Points for SHIB

The crypto audit company disclosed that SHIB ranks second in the security charts. This was calculated using CertiK’s Skynet Trust Score formula, which stands at ‘Excellent,’ as the two-year-old canine coin scored a nearly-perfect 93/100. Paired with market price performance, social sentiment, and relative security, the score highlights the advantages of the ERC-20 token, which are as follows:

  • SHIB is relatively decentralized
  • The memecoin also has a large market cap
  • The developers are offered bug bounties

On top of that, Shiba Inu’s decentralized exchange ShibaSwap auditioned separately a year ago. During the test, 34 bugs were found in the code, with 33 fully fixed. The last bug is only partially fixed, according to the audit report, but CertiK acknowledged that none of the found bugs were critical.

What is the SHIB Army Woofing About?

Shiba Inu scores highest in the Market and Community Index, with 95/100. Interestingly, the most used word in relation to SHIB on social media is “Community.” The crypto enthusiasts known collectively as the SHIB Army hence contribute a lot towards the positive social sentiment for the canine memecurrency.

Other popular keywords include “Woof,” “Shibarium,” “Soon,” “NFT,” “Bone,” and “Metaverse.” Interestingly, the Shiba Army likes to talk about competing memecoins, as both “DOGE” and “BabyDoge” are also trending in community discussions on Crypto Twitter. Ultimately, it seems that the superstar SHIB gained trust among crypto enthusiasts, as 77% of social mentions have a positive connotation.

On the Flipside

  • The audit on Shiba Inu’s decentralized exchange was carried out nearly two years ago.
  • Furthermore, the popular memecoin scores lowest on the Price Sentiment Index, which stands at the neutral level of 59.

Why You Should Care

Started as an ERC-20 token on Ethereum’s (ETH) blockchain, Shiba Inu now further transitions into a self-sufficient ecosystem.

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.