The Shiba Inu layer-2 Shibarium network has achieved a remarkable milestone on its original test network, Puppynet. With over 30 million transactions coming from around 17 million wallets, Puppynet is showing impressive engagement and gearing up for a wider release in the coming months. This article examines the importance of Puppynet and its potential impact on the value of Shibarium, $SHIB, and $BONE native ecosystem tokens.
Testing Grounds for Blockchain Innovation:
Puppynet, the Shibarium testnet, serves as a replication of the main chain specially designed for testing purposes. This allows developers to fine-tune and debug potential issues while closely monitoring network activity before large-scale rollouts. Recent data from Puppynet blockchain explorer BlockScout highlights its achievements, including a 5-second block time and a total of over 1.7 million blocks. However, the average daily transaction is currently showing a downward trend.
Gateway to Enhanced Value:
The strong engagement observed in Puppynet reflects the growing demand for Shibarium. This surge in interest has the potential to increase the value of $SHIB and $BONE, the native tokens within the Shibarium ecosystem. Shibarium is an important milestone for the Shiba Inu ecosystem, which currently operates on the Ethereum network. Although Ethereum offers security and decentralization, it faces limitations in scalability and transaction output.
Whale Activity Reshaping Landscapes:
An important development in the Shiba Inu ecosystem involves the massive revival of the Shiba Inu whale. Inactive for almost half a year, this whale recently resumed its trading activity, moving more than 4 trillion SHIB tokens to various addresses from its massive 100 trillion SHIB holdings. This awakening coincided with a searing frenzy which saw the burning rate of Shiba Inu tokens increase by 8,900% in a 24 hour period. This historic event was triggered when Akai Token ($AKAI) transferred 804 million tokens to a dead wallet.
Explosive Growth and Promising Future:
The Shiba Inu meme-inspired cryptocurrency has experienced substantial growth in recent months, as demonstrated by the exponential rise in new addresses each day during the second quarter of this year. The success of Puppynet and the growing interest in the Shibarium ecosystem token points to a promising future for the Shiba Inu, signaling its potential to disrupt the market and captivate the attention of cryptocurrency enthusiasts.
With over 30 million transactions processed on Puppynet, the Shiba Inu test network, the Shiba Inu ecosystem is getting closer to the wider launch of Shibarium. The increasing demand for Shibarium’s native ecosystem tokens, $SHIB and $BONE, coupled with the recent rise of dormant whales and the burning frenzy, points to a dynamic landscape and a promising future for the Shiba Inu. As the second quarter witnessed explosive growth, it remains to be seen how this meme-inspired cryptocurrency will continue to shape the world of decentralized finance and capture the imagination of investors.