Developed for the Shiba Inu ecosystem, Shibarium’s Puppynet testnet has passed the 10 million mark, a recent development in terms of total transaction volume.
The Shiba Inu ecosystem has been growing and developing rapidly in recent times. Among these developments, the Shibarium project stands out. Shibarium is an Ethereum-based layer-2 solution developed specifically for the Shiba Inu ecosystem. While the transition to the mainnet is not yet complete, the team has taken an important step forward by recently launching the Puppynet testnet.
According to data from Puppyscan built by Shibarium, the beta testnet of the Shiba Inu (SHIB) layer-2 network has reached new milestones in terms of total transactions.
According to the data, Puppynet has completed 10.37 million transactions and processed 924,739 blocks as of press time. While the average block time is 5 seconds, the network’s wallet addresses are over 15.8 million.
Meanwhile, daily transactions on the network have been increasing since mid-May. The network has processed an average of more than 300,000 transactions per day since May 12. This is an indication that users are starting to trade safely and actively on Shibarium Puppynet.
Over 3 billion SHIB removed from circulation
On the other hand, with the increase in network activity, the Shiba Inu community continues its burning activities. More than 3 billion SHIBs have been removed from circulation in the past seven days, according to Shibburn data.
HOURLY SHIB UPDATE$SHIB Price: $0.00000873 (1hr -0.01% ▼ | 24hr 0.56% ▲ )
Market Cap: $5,145,078,036 (0.59% ▲)
Total Supply: 589,357,962,756,723TOKENS BURNT
Past hour: 575,043 (1 transaction)
Past 24Hrs: 575,043 (0% ▲)
Past 7 Days: 3,055,174,242 (-36.38% ▼)— Shibburn (@shibburn) May 21, 2023
We can say that the burning rate of Shiba Inu has not been stable lately, sometimes reaching millions of percent and sometimes falling to very low levels.
According to the hourly Shibburn update on Twitter, approximately 575,043 SHIBs have been burned in a single transaction in the past 24 hours, with the daily burn rate at 0%. A day ago, a total of 3,001,541 SHIB tokens were removed from circulation in a single transaction.
You can follow the current price action here.