The number of Shiba Inu Network (SHIB) transactions has increased significantly, from about 5,000 to 36,700 in a short period of time, an increase of 700%. This sudden rise may seem unusual and confusing, especially considering the relatively stable performance of the SHIB token.
The reason for the surge in trading is unclear, but some have speculated it could be due to increased interest from retail investors or sudden activity from whales. In contrast, other metrics such as burn rate stagnated, reflecting a general lack of activity on the network.
source: enter the block
Regardless of the reason, the increase in network activity has yet to translate into significant price action for the SHIB token. Currently, Shiba Inu volatility remains low and the price appears to be consolidating within a triangle. The overall decline in volatility suggests that SHIB may be preparing for a volatility burst, leading to sharp price swings in both directions.
A breakout of the triangle will start a new uptrend, while a breakout to the downside will indicate that the price will continue to fall. With SHIB token approaching the top of the triangle, traders and investors will be keeping an eye on the market for the next big move.
It’s worth noting that despite the current calm in the market, the Shiba Inu ecosystem continues to grow and thrive. The project’s developers are actively working on various initiatives that may drive adoption and demand for SHIB tokens in the future.
At press time, SHIB is trading at $0.0000107, up 1.4% over the past 24 hours.
Shiba Inu’s Puppynet testnet Record pre-increase activity when it comes out Mainnet Shibarium
The Shibarium Network’s local testnet, Puppynet, is experiencing increased activity ahead of the mainnet launch scheduled for later this year.
Blockchain explorer data shows that the Puppynet testnet processed more than 700,000 transactions from nearly 200,000 unique wallets after its launch on March 11. Most of this activity occurred in the past week, with more than 114,000 transactions in the 24-hour period on March 28-29.
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While activity on Puppynet has been brisk so far, upcoming features could increase the value of two Shibarium ecosystem tokens, SHIB and BONE. However, there are still reasons for caution.
“Some have argued that the financial impact of the Shibarium upgrade would be negligible. But in our view, the Puppynet beta testnet has hit the 200,000 wallet milestone in just over a week, and while there is still a lot of work to be done, it is still considered Think it’s amazing,” said chief executive Rachel. The Lin platform of decentralized derivatives trading firm SynFutures, said in a Telegram message.
Additionally, Unification, the company behind Shibarium, announced that it is developing an all-in-one wallet solution that will allow two-way asset transfers, staking/authorization, and include a ShibaSwap integration module. These developments suggest that the Shibarium Network’s native tokens SHIB and BONE may increase in value in the near future, but given the current macroeconomic environment, any such movement is likely to be short-lived,” Lin warned.
Testnets, such as Puppynet, are blockchain networks designed for testing purposes. They work just like they do on mainnet and allow developers to debug any issues and monitor network activity before a wider release.
Touted as a major development for the Shiba Inu ecosystem, Shibarium initially launched as a meme coin with the voice of the famous Shiba Inu dog breed, but has since turned into a serious blockchain project.
Shibarium is a layer 2 blockchain, which refers to a collection of off-chain systems (independent blockchains) built on top of layer 1 protocols, reducing scale and data bottlenecks.
These networks aggregate multiple off-chain transactions into a single layer-1 transaction, reducing data load and fees on the main network.
As previously reported, Shiba Inu developers said that Shibarium will focus on Metaverse and gaming applications, especially as the NFT space is expected to heat up in the next few years, in addition to using Shibarium itself, which is a platform for decentralized applications (DApps). ) low-cost solution), built on the web.
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