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Shibarium, the Layer 2 protocol for Shiba Inu, has reached a noteworthy achievement in its test network. Recent data from Puppyscan reveals that the total count of completed transactions has surpassed an impressive milestone of 9 million.
Shibarium Sets New Milestone with 9 Million Transactions, Updates on Cold Wallet Preorder and Token Burn
Since its launch on March 11, Shibarium beta, also known as “Puppynet,” has recorded a remarkable 9,062,412 transactions. The network has processed a total of 876,636 blocks, with an average block time of 5.0 seconds. Furthermore, the number of wallet addresses has surpassed 15 million, reaching a count of 15,777,029 addresses.
As Shibarium beta steadily gains traction, excitement builds around the imminent launch of its mainnet. Unification, the team behind Shibarium, has recently shared a progress update. The next phase for Shibarium beta entails the deployment of OoO and VOR router smart contracts, along with the activation of Oracle apps to ensure efficient handling of data requests.
In recent news regarding the SHIB token, Shibburn’s official Twitter account reported a significant burn of 1,801,296 SHIB tokens in two transactions over the past 24 hours. At the time of writing, SHIB has experienced a 1.56% increase in value within the last 24 hours, with a price of $0.0000087.
Additionally, a notable transaction took place yesterday, involving a large whale who acquired 20 trillion SHIB tokens worth $176 million, propelling them to become the fifth largest holder of both SHIB and Dogecoin.
A screenshot from the Shiba Inu Discord platform was shared by Lucie, an official representative of the Shiba Inu ecosystem. In the screenshot, Shibarium developer “Shibarium1” dropped a subtle hint about an upcoming update related to the preorder availability of the Shiba Inu cold wallet, which has been developed in collaboration with Tangem.
Tangem, a renowned company specializing in secure storage solutions, recently announced its partnership with SHIB to create a cold wallet capable of accommodating over 6,000 diverse cryptocurrencies. As the community eagerly awaits more information about this exciting development, anticipation continues to grow.
Puppynet Marks Successive Achievement Despite Cautionary Remarks From Developers
Shytoshi Kusama, the leader of the SHIB developer team, had expressed a note of caution to the SHIB community regarding Shibarium and its testnet Puppynet, at the time of launch.
In a candid message, he advised SHIB owners to exercise restraint when it comes to acquiring tokens on Puppynet, including LEASH and BONE, as these tokens are currently reserved for testing purposes only and lack any actual value.
Kusama made it clear that no real tokens have been destroyed as of yet. This revelation has caused a wave of unease among SHIB owners on Shibarium, who may have unwittingly invested in tokens that hold no tangible worth.
Kusama underscored the fact that Shibarium is presently in beta test mode, urging users to refrain from purchasing any tokens until the platform is fully operational.
He strongly emphasized that the tokens accessible on Puppynet should not be traded or used for any purposes beyond testing. Kusama further urged the SHIB community to exercise patience and await official announcements from the developers before participating in any activities involving the tokens.
In addition to the cautionary warning, Kusama pledged to keep the SHIB community well-informed as they forge ahead with Shibarium and other ambitious projects. He conveyed his team’s shared enthusiasm with the SHIB army for advancing Shibarium, assuring the community that they are diligently working on multiple initiatives concurrently.
While refraining from disclosing specific information about these projects, Kusama encouraged the SHIB community to eagerly await official announcements in anticipation of exciting developments.
Earlier that week, a prominent figure in the Shibarium Telegram channel tantalized the SHIB community with news of an impending release of the Shibarium mainnet. Teasingly alluding to “big things on the horizon,” the individual, who goes by the moniker “Someone smart (maybe),” tantalized the community with the promise of more to come. This announcement has left the SHIB army on the edge of their seats, eagerly awaiting further updates from the developers.
If you are a SHIB owner on Shibarium, it is crucial to exercise caution when considering the purchase of any tokens on Puppynet. As Kusama warned, these tokens lack real value and should not be traded or used for any purposes other than testing.
While these remarks may have contributed to a fair share of unwillingness to acquire tokens on Puppynet, the recent results have been particularly enlightening. Investors seem to have accepted the upgrade with quite a lot of enthusiasm, and its incremental growth is indicative of Puppynet’s growing acceptance.
Shiba Inu Builds Utility and Addresses Challenges Amidst Dedicated Support
Despite experiencing a recent period of underwhelming performance, Shiba Inu continues to boast a dedicated community of supporters who maintain an optimistic outlook on its future trajectory and the highly coveted price breakout to $0.001.
While concerns linger regarding its high supply and lack of utility, the Shiba Inu team is actively addressing these issues through the development of Shibarium.
Throughout 2022, Shiba Inu benefited from favorable conditions as adoption and integration continued to grow. More exchanges and merchants began accepting Shiba Inu as a viable form of payment, and supply reduction through burn events permanently decreased the circulating supply. If this trend persists, it could contribute to a reduction in supply and an increase in the cryptocurrency’s value.
Shiba Inu boasts one of the most loyal communities in the crypto space, and initiatives like the launch of Shiboshis, Shiba Inu’s own NFT project, as well as other NFT projects built on the Shiba Inu network, have the potential to add utility and value to the ecosystem.
Currently in beta test mode, Shibarium, as Kusama has repeatedly emphasized, utilizes tokens on the testnet Puppynet solely for testing purposes and holds no real value. Kusama once again cautioned the Shiba Inu community regarding this matter, clarifying that no actual tokens have been burned thus far.
Furthermore, general factors, such as market conditions, can influence the price of SHIB. If the overall cryptocurrency market experiences bullish tendencies, Shiba Inu’s price is more likely to increase. Conversely, a bearish market may lead to a decrease in Shiba Inu’s price.
As with any meme coin, speculation remains a significant factor. Investors engage in speculation when they purchase SHIB in anticipation of a price increase. While speculation can lead to rapid price growth, it can also result in substantial price declines.
Given the nature of meme coins, it is crucial for investors to approach them cautiously and only invest amounts they can afford to lose.
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