The Shiba Inu team has initiated a significant security upgrade for Shibarium, their Layer-2 blockchain, aimed at enhancing decentralization and eliminating potential single points of failure that could compromise network stability. Dubbed the "Shibarium RPC Migration Network upgrade," this crucial enhancement is currently underway, as announced by Shibizens, a prominent account focused on Shibarium developments.

A key component of this upgrade is the "Legacy Endpoint Closure," which mandates the retirement of the old public RPC connection for Shibarium. Users and developers have a two-week window to update their configurations to a new access point, as access through the previous URL will be terminated. This strategic move is designed to fortify Shibarium's network infrastructure, fostering a more distributed and robust environment built for enduring reliability.

This security overhaul follows a critical incident in September when Shibarium's network was temporarily paused to avert potential data corruption. The issue stemmed from a compromised validator key, which an attacker exploited through short-lived stake amplification—specifically, a 4.6 million BONE delegation—to surpass security thresholds and attempt malicious control. Subsequent to an exhaustive review and the implementation of several security enhancements, the Plasma Bridge was successfully restored for BONE, enabling users to resume bridging BONE tokens between the Ethereum and Shibarium networks. New protective measures were also integrated, including a blacklisting mechanism to block malicious addresses and a mandatory seven-day withdrawal delay, acting as a finalization window to enhance security.

In other news, the Shiba Inu cryptocurrency experienced a notable shift in its market performance, recording its first-ever monthly loss in October since its inception. This "red October" broke a winning streak, often referred to as "Uptober" by cryptocurrency traders, where the asset typically saw gains. Shiba Inu concluded October with a 15.9% decline, mirroring the broader crypto market's struggles amid heightened market jitters and a cautious investor risk appetite. The month was particularly tumultuous, witnessing the largest crypto liquidation in history following global trade tensions, which saw Shiba Inu's price plummet to a low of $0.0000000085 during a flash crash on October 10. However, as November commenced, SHIB showed signs of recovery, trading up 2.29% in the last 24 hours to $0.00001013, aligning with a general upward trend observed across most crypto assets.