11M Transfers: SHIB Poised for Bullish Divergence with Puppynet

SHIB & BONE enter bullish divergence, but how long will it hold with bearish on-chain signals?

Four Shiba Inus emerging from a giant green wave.
Created by Gabor Kovacs from DailyCoin
  • Shibarium L2 ‘puppynet’ testnet hits two crucial milestones.
  • Shiba Inu (SHIB) has inked 2.2% in the last 24 hours, but there’s a catch.
  • Shibarium launch date revealed; devs in ShibaSwap 2.0 DEX talks.

‘Puppynet,’ the prelude to Shibarium L2 mainnet, soars in popularity. The testnet reached the milestone of 11,172,752 transactions at a five-second average block time, which is distinctively faster than the usual Ethereum (ETH) transaction. 

A tsunami of transactions on the Shibarium Beta testnet ‘puppynet’ confirms that the testing is going smoothly. Still, many crypto enthusiasts on Twitter and Discord are frustrated about Shibarium’s mainnet launch. Fortunately, a Shibarium dev team member declared they are “speeding up the release” for Q3 of 2023.

Potential Shibarium Launch Date Revealed

According to rumors on Crypto Twitter, the speculated launch date for the mainnet of Shiba Inu’s Layer-2 is Q3 of 2024. This was later confirmed in the CertiK X SHIB Token Ask-Me-Anything (AMA) on Discord, where one of the Shibarium admins exclaimed that August is the most likely month for launch. 


The roadmap aligns well with SHIB: The Metaverse dropping in Q4, powered by Shibarium. The Unreal 5 Engine-driven virtual world for the SHIB Army was already presented in this year’s SXSW Experience in Austin, Texas, with critical acclaim by Forbes.

Many independent developers are working on dApps for the Shibarium blockchain. Developers previously applied on Shibarium Tech via the intake form and were later handed out personal invitations to build on Shibarium by email. 

On the Flipside

  • A bullish divergence can be reversed with two bearish on-chain signals for SHIB in net network growth and large transactions.
  • SHIB on-chain signals turned neutral on concentration by large positions holders in the money without any solid bullish indicators.

Why This Matters

A Layer-2 scaling solution can provide more utility and does not depend on Ethereum’s smart contract.


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.