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

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 Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.