Puppynet, the native testnet of the Shibarium network, is seeing increased activity ahead of a mainnet release planned for this year. Meanwhile, whales are taking action in the Shiba Inu (SHIB) net. Here are the details…
Puppynet activity is increasing
Blockchain explorer data shows that the Puppynet testnet has processed more than 700,000 transactions from just under 200,000 unique wallets after its launch on March 11. Most of this spike came in the past week, with more than 114,000 transactions in a 24-hour period March 28-29. While Puppynet’s activity is lively so far, upcoming features could increase the value of two Shibarium ecosystem tokens, SHIB and BONE. However, there are still reasons to be cautious. Rachel Lin, CEO of SynFutures, used the following statements:
Some may argue that the financial impact of the Shibarium upgrade is insufficient. In our view, however, the beta testnet Puppynet has reached the key milestone of 200,000 wallets in just over a week, and while continuing work needs to be done, it is still considered worthy of attention.
Short-term uptrend may be
Additionally, Unification, the company behind Shibarium, announced that it is working on an all-in-one wallet solution that will enable local two-way asset transfers, staking/representation, and will also include a Shibaswap integration module. These developments indicate that the value of SHIB and Bone, the native token of the Shibarium network, may witness a price increase in the short term. But Lin warned that any such move is likely to be short-lived, given the current macroeconomic climate.
Testnets such as Puppynet are networks designed for testing purposes. They mimic mainnet activity and allow developers to troubleshoot and monitor network activity before a wider release. Shibarium is touted as a major development for the Shiba Inu ecosystem. Shibarium is a layer-2 Blockchain that refers to discrete Blockchains built on top of layer-1 protocols that reduce network congestion with scaling and data. These networks help reduce data overhead and fees by consolidating multiple off-chain transactions into a single layer-1 transaction.
Big whale buys SHIB
On the other hand, WhaleStats reported in a tweet on March 31 that an ETH whale named “BlueWhale0073” purchased 99,297,904,247 SHIB worth $1.05 million. Whale; stablecoins are ranked 254 on WhaleStats, with major holdings in Compound, AAVE, Chainlink, Shiba Inu, MATIC and Sanin Inu. Etherscan data reveals that the whale has 65,829,862,154 SHIB tokens. The whale “BlueWhale0073” also purchased 985,593 MATIC tokens worth $1.08 million.
On the other hand, cryptocoin.com As we reported, SHIB burn rate increased as every transaction in Shibarium burns SHIB. According to the Shibburn portal, the SHIB burn rate has increased by 719 percent in the last 24 hours. The community burned 8,209,953 SHIB tokens in 6 transactions. 868 million SHIB tokens have been burned by the community in the last 7 days.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.