Shiba Inu (SHIB), the highly popular meme-based cryptocurrency, has rebounded from a recent security rating drop.
The Shiba Inu project, the decentralized cryptocurrency created as an Ethereum-based alternative to Dogecoin, has three distinct tokens that serve different functions. SHIB is the primary token that serves as a community-driven, decentralized currency for millions of users worldwide, gaining global recognition since its late 2020 launch.
BONE is the governance token with a total supply of 250 million, allowing the Shib Army to vote on proposals via the Doggy DAO and underpins the ecosystem’s proprietary Shibarium Layer 2 network. Meanwhile, LEASH, with a total supply of 107,646 tokens, offers exclusive incentives to the ecosystem’s loyal supporters, including incentivized BONE rewards for providing liquidity on ShibaSwap and early land sale opportunities in the Shib: The Metaverse project.
The SHIB token has now reestablished its AAA rating from CertiK, a leading smart contract auditor. This achievement comes on the heels of a temporary decline in its security score, which had sparked worry among its investor base and the wider crypto sphere.
CertiK is a blockchain and smart contract security company that offers auditing and verification services to ensure the security and reliability of blockchain-based systems. Their services are designed to identify vulnerabilities and potential risks within smart contracts, protocols, and decentralized applications (dApps).
CertiK developed a security scoring system called CertiKShield, which assigns a security score to blockchain projects based on their audit and analysis. The CertiKShield score is a quantitative measure that provides an assessment of the security and reliability of a project’s smart contracts and underlying infrastructure.
The CertiKShield score ranges from 0 to 100, with a higher score indicating a higher level of security. The score takes into account factors such as the complexity of the smart contracts, the presence of known vulnerabilities, the maturity of the project, and the quality of the security audits conducted.
The score is intended to provide users and investors with an understanding of the security posture of a blockchain project. A higher CertiKShield score signifies that a project has undergone thorough security audits and has fewer identified vulnerabilities, thereby indicating a reduced risk of potential security breaches.
This turnaround is particularly noteworthy as it occurred just a week after reports indicated a decrease in SHIB’s security rating to a score of 93.67. Now, the token has not only recovered but improved, boasting a score of 94.03 and once again earning the AAA rating. This top-tier rating is the highest attainable category on CertiK’s scale, a status shared with heavyweight cryptocurrencies like Bitcoin and Ethereum.
CertiK’s Security Score is a holistic assessment tool that gauges a project’s security in real-time. It scrutinizes both on-chain and off-chain data to deliver a comprehensive measure of a project’s security robustness and overall quality, both of which are critical in establishing its dependability and credibility. The security score is ranked on a scale from 0 to 100 and is divided into five categories: AAA, AA, BB, B, and CC, with AAA being the most prestigious.
Shiba Inu’s current security score of 94.03 signifies a substantial improvement in multiple areas. The score breakdown reveals strong performance in several aspects:
- Fundamental Health: 92.32
- Operational Resilience: 92.53
- Governance Strength: 97.08
- Market Stability: 96.60
- Community Trust: 92.41
- Code Security: 91.02