- Puppynet has celebrated crossing 20 million transactions, signaling a bullish setup for SHIB after the launch of Shibarium.
- Large whale activity is evident with more than $10 million worth of SHIB bought by a single whale on Tuesday.
The Shiba Inu Army is celebrating a minor victory in the form of the Shiba Inu testnet blockchain ‘Puppynet’ surpassing 20 million transactions. This is a clear indication of the high anticipation for the launch of Shibarium- Shiba Inu’s layer-2 network expected to go live in the coming months.
According to the data shared by LUCIE, the official Content Marketing Specialist of the Shiba ecosystem, 20 million transactions have been completed by just over 16.7 million wallet addresses. The data further shows that the average block time is 5 seconds.
💪🏻 20 000 000 million transactions!!! #Shibarium Beta testing pic.twitter.com/vBoSMvneHa
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 11, 2023
The growth of Puppnet is encouraging ahead of Shibarium’s launch. Shibarium promises to transform the Shiba Inu ecosystem. Not only will it bring scalability, low transaction fees, and a new SHIB burning mechanism, but it will also unlock new capabilities of the project as it expands into the Metaverse, DeFi, and other web3 products.
Although the exact date for the launch of Shibarium is not given, the lead developer Shytoshi Kusama has been offering regular updates and has promised the launch will come in the next few months. In a recent update shared by LUCIE, Kusama gave a bullish update noting that Shibarium “Covers Governance, IRL, MV, Blockchain, AI & DAO’s That Cannot Be Done by Anyone Else On The Planet”
The Shiba Inu community is looking forward to the launch of Shibarium as it has the power to elevate the project from a memecoin status to a major player competing with the likes of Ethereum, Cardano, and Polygon.
Ahead of the launch, there seems to be great demand for Shiba Inu’s SHIB and Shibarium’s BONE. Large holders in particular have been accumulating heavily. Data from Lookonchain shows that earlier this week, one holder obtained 1.5 trillion SHIB at a value of $10M.
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
This accumulation comes as no surprise with Santiment analysis showing that SHIB is one of the most undervalued tokens in the market. The market intelligence platform noted;
Several of the largest #altcoins show undervaluation when combining short, mid, and long term realized capitalizations. Market caps are above realized caps for $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, & $LINK, hinting many may make up ground this summer.
Based on its peers in this analysis, it’s already clear that Shiba Inu is stepping up and joining top-tier projects. Holders have much to look forward to with the Shibarium launch and other upcoming developments within the ecosystem.
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