Shibarium’s Puppynet Hits 3 Million Wallets in Three Weeks

Swift outburst of transaction volume on Puppynet and accelerated SHIB Burn rate helps Shiba Inu stay on track.

Shiba Inu dogs are sitting in the mountainous surroundings as three large grey wallets are hovering above their heads in an orange moon background.
  • Shiba Inu’s Layer-2 testnet soars in transactions at five blocks per second.
  • The uptrend occurred after unveiling SHIB: The Metaverse’s launch date.
  • SHIB gained 2.2% in the last 24 hours, SHIB Burn rate soared by 489.48%.

Shiba Inu’s Layer-2 scaling solution Shibarium reached some important milestones on its ‘Puppynet.’ While the mainnet is set to launch later this year, the puppynet suddenly surged in transactions, as a colossal 481,151 transactions were made on April 10th, 2023. However, the biggest achievement in the three-week-old testnet is surpassing over three million wallet addresses, which confirmed the prevalence of Shibarium’s popularity.

Shiba Inu’s Bridge Crossover

The two-year-old memecoin Shiba Inu (SHIB) started as an ERC-20 token on the Ethereum (ETH) blockchain. Shibarium, the Layer-2 scaling solution, is set to operate self-sufficiently, even though Shibarium will provide a bi-directional cross-chain bridge to easily transfer funds between Shibarium and Ethereum.

The bridge crossing won’t change the number of tokens on the network, as a 1:1 ratio is guaranteed. The dual consensus infrastructure of the Ethereum + Shibarium bridge can also significantly contribute towards burning Shiba Inu tokens. According to developers, SHIB on Shibarium’s mainnet will automatically burn on every transaction.

Shibarium + Ethereum cross-chain bridge on Shiba Inu’s L2

It’s Getting Hot for Shiba Inu

Following the latest developments in regards to Shibarium and SHIB: The Metaverse, the community found more motivation to engage in SHIB burning activities. The SHIB burn rate catapulted by 489.48% in the last 24 hours, sending 4,826,528 canine tokens to the eternal fire.

At press time, the #15 ranked Japanese guard dog-themed memecoin trades at $0.00001115, with a 1.5% increase in the last 24 hours, according to CoinGecko. Hovering above key support at $0.000011, Shiba Inu can still bump into selling pressure if the on-chain signals don’t turn green soon.

On the Flipside

  • The SHIB Burn rate is currently counting manual transactions, as the auto-burning function will only be launched on Shibarium’s mainnet.

Why You Should Care

Shiba Inu is one of the most watched altcoins this year, recording rapid community growth across all social platforms.

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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.