‘Puppynet’ Processes 1 Million Transactions, Wallets Surpass 200,000

The on-chain activity on Shibarium’s native testnet, Puppynet, has been on the rise. According to data from puppyscan.shib.io, the testnet has processed a total of 1,054,391 transactions. The same has been achieved with the assistance of over 202,130 unique wallets. As illustrated below, a major chunk of the transactions happened earlier this week. In fact, on 28 March alone, around 114.45k transactions took place.

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Shiba Inu’s milestone is a “remarkable” feat

Commenting on the latest feat achieved, Rachel Lin, CEO of SynFutures told CoinDesk,

“Some might argue that the Shibarium upgrade’s financial impact has been underwhelming. But in our view, its beta test network Puppynet, reached an important milestone of 200,000 wallets in just over a week and while continued work must be done, it’s still considered remarkable.”

At this stage, it is interesting to note that the number of Shibarium intake applications has noted a significant incline. In just a few weeks’ time, over 7,000 applications have been submitted, bringing to light the rising traction and interest that Shibarium has amassed from the community. As far as the price is concerned, Shiba Inu has been consolidating horizontally on the daily timeframe. The inadequate buying momentum and the state of the macro-crypto landscape have played spoilsport together.

The other two tokens belonging to the Shiba Inu ecosystem have been trading in a descending channel. The lower trendline has acted as a strong support for BONE and the asset has remained within the range of the pattern. LEASH’s situation has also been quite similar of late.

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The latest developments, when clubbed with positive community sentiment and hype, should rub positively on the price of the assets. However, investors need to be wary. Lin said,

“Unification, the firm behind Shibarium, announced that it is working on an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, as well as include a Shibaswap integration module. These developments suggest that the value of SHIB and Bone, the native token of the Shibarium network, could witness a near-term price spike, but given the current macroeconomic climate, any such movements will likely to be short-lived.”