Shiba Inu (SHIB) Testnet Puppynet Hits 20 Million Transactions

Updated: 13 June 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Shiba Inu’s blockchain, Shibarium, has a new native testnet called Puppynet, which recently crossed over 20 million transactions.

Blockchain data shows that the transactions came from 16 million wallets. Furthermore, one of the biggest SHIB investors deposited $10 million in SHIB this Monday.

💪🏻 20 000 000 million transactions!!! #Shibarium Beta testing pic.twitter.com/vBoSMvneHa

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 11, 2023

During the recent surge of transactions, the average transaction time was only five seconds, according to Puppynet scanners.

While the five-second transaction time shows that the network is scalable, the community members’ participation suggests great demand for the network.

This could even help SHIB and BONE value go up, provided that the interest in the new network remains high.

A SHIB whale deposited $10 million worth of Shiba Inu

Shibarium blockchain data revealed that one of the biggest SHIB investors deposited as much as $10 million in SHIB tokens to holdings this Monday.

This is also one of the largest transactions that the network has seen lately, and it brought the total holdings to 5.3 trillion SHIB.

According to current prices, that amount is approximately $35 million.

The $10m transaction itself included 1.5 trillion SHIB tokens, which were accumulated from Binance and Coinbase, according to Lookonchain’s recent announcement.

Lookonchain also confirmed that the whale who moved the funds is currently believed to be the largest holder of SHIB, apart from cryptocurrency exchanges.

The largest holder of $SHIB accumulated 1.5T $SHIB ($10M) from #Binance and #Coinbase again 4 hrs ago.

Address”0x40B3″ holds 5.3T $SHIB($35.5M), and transferred 20T $SHIB($134.4M) to address “0x73AF” on May 16.

The whale is the largest holder of $SHIB excluding exchanges. pic.twitter.com/irMR39mfwE

— Lookonchain (@lookonchain) June 13, 2023

The importance of testnets for crypto projects

Testnets are blockchain networks designed for testing purposes, and in that sense, Puppynet is no different.

It mimics the mainnet activity and developers use it to see how their products would act under the conditions of the mainnet.

However, since it is not an actual mainnet, there is no danger of it disrupting the network if something goes wrong.

This is useful for developers who wish to debug any issues, monitor network activity, and alike.

The network is slowly moving toward a mainnet release, expected to occur in the coming months.

A Shibarium-based metaverse is coming

Shibarium is touted as a massive development for the Shiba Inu ecosystem. The project emerged as a meme coin, and like Dogecoin before it, it used the Shiba Inu dog breed as an inspiration.

However, while it emerged as a meme coin in mid-2020, it quickly became a very serious and rapidly developing blockchain project.

In fact, Shibarium is planning to launch a virtual land metaverse, with a partial release planned to take place later in 2023. Developers warned,

However, it should be noted that not all areas of the metaverse will be fully completed as it is an ongoing project.

With that being the case, users will be able to create their own humanoid dog-looking avatars, and explore the lands, interact with them and others in the metaverse, and more.

Most Searched Crypto Launch - Pepe Unchained

Rating