Meme Inspired Crypto Shiba Inu Records Surge in Address in Q2
The cryptocurrency Shiba Inu ($SHIB), which draws inspiration from memes, has witnessed substantial growth in recent months. Notably, there has been a remarkable surge in daily new addresses during the second quarter of this year. According to data provided by IntoTheBlock, a reputable cryptocurrency analytics firm, the meme-inspired cryptocurrency experienced a robust end to the second quarter. The number of daily new addresses experienced a remarkable surge on June 27, surpassing 4,000. This represents a staggering 357% growth in comparison to the previous month’s increase, which saw 877 daily new addresses recorded on May 21.
Furthermore, the cryptocurrency inspired by memes has experienced a surge in activity centered around its layer-2 scaling solution known as Shibarium. The testnet designated as Puppynet, which serves as the testing environment for Shibarium, has recently reached a significant milestone by successfully processing a total of 25 million transactions. According to PuppyScan, a specialized block explorer for the network of the meme-inspired cryptocurrency, it has been observed that the Shibarium testnet has successfully executed a cumulative count of 25.5 million transactions. On average, this amounts to approximately 270,000 transactions being processed each day.
A recent report revealed that Puppynet has successfully exceeded the milestone of 20 million transactions. Notably, this achievement was accomplished through the participation of around 16 million wallet addresses, which were actively engaged in conducting fund transfers on the network. Since that time, the number of wallets on Puppynet has exceeded 17 million.
Quarterly Update: #SHIB had a strong ending to Q2, with new addresses showing positive signs of growth. Daily new addresses reached over 4k on June 27th, up 357% from it 877 quarterly low on May 21st. pic.twitter.com/jbhlR8OUvl
— IntoTheBlock (@intotheblock) July 3, 2023
The increase in activity and interest can be partially ascribed to a cryptic communication from Shytoshi Kusama, the enigmatic principal developer of SHIB. Kusama, a prominent figure in the advancement of Shiba Inu, recently took to Twitter to unveil a concise 19-second video clip. This intriguing visual teaser alludes to potential forthcoming advancements within the expansive Shiba Inu ecosystem.
In a recent YouTube video, Austin Hilton, a crypto analyst, provided an in-depth analysis of the latest advancements within the Shiba Inu ecosystem. This encompassed a comprehensive examination of the associated tokens, namely $BONE and $LEASH. Hilton disclosed his ongoing acquisition of the latter.
The introduction of Shibarium marks a noteworthy achievement for the Shiba Inu ecosystem. The Shiba Inu token, presently operating on the Ethereum network, encounters challenges pertaining to scalability and transaction throughput. This is despite Ethereum’s reputation as a robust and decentralized blockchain platform renowned for its high level of security.