The Shiba Inu Army expressed its satisfaction with the achievement of the Shiba Inu testnet blockchain, ‘Puppynet’, which has now surpassed 20 million transactions. The heightened excitement surrounding the upcoming release of Shibarium, Shiba Inu’s layer-2 network, strongly indicates its anticipated launch in the coming months. According to LUCIE, the Content Marketing Specialist within the Shiba ecosystem, over 16.7 million wallet addresses have successfully executed 20 million transactions. The data reveals that the average block duration is five seconds.
The growth of Puppynet holds promise in anticipation of the launch of Shibarium, which has the potential to transform the Shiba Inu ecosystem. Aside from scalability and low transaction fees, Shibarium will introduce a new SHIB burning mechanism and enable the project’s expansion into the Metaverse, DeFi, and other Web3 products, unlocking new capabilities.
While the precise launch date of Shibarium remains unspecified, the principal developer of the game, Shytoshi Kusama, has been providing frequent progress reports and is committed to releasing the game in the near future. In a recent update shared by LUCIE, Kusama acknowledged that Shibarium has the capacity to cover a wide range of areas, including Governance, IRL, MV, Blockchain, AI, and DAOs, making it unparalleled in the industry.
💪🏻 20 000 000 million transactions!!! #Shibarium Beta testing pic.twitter.com/vBoSMvneHa
— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) June 11, 2023
The Shiba Inu community eagerly anticipates the launch of Shibarium, as it has the potential to elevate the project from a memecoin to a formidable contender against established platforms like Ethereum, Cardano, and Polygon. Prior to the launch, there is significant demand for SHIB, the cryptocurrency of Shiba Inu, and BONE, the cryptocurrency of Shibarium. Large holders have accumulated substantial amounts. Lookonchain data for this week reveals that a single holder has acquired 1.5 trillion SHIB, equivalent to $10 million.
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
These findings are not surprising, as Santiment analysis identifies SHIB as one of the most undervalued tokens in the market. The platform notes that when combining the realized capitalizations of short, mid, and long terms, several major altcoins are currently undervalued. The current market capitalizations of $XRP, $ADA, $DOGE, $MATIC, $SHIB, $UNI, and $LINK exceed their respective realized market capitalizations, suggesting potential growth in the upcoming summer season.
In line with other esteemed initiatives, Shiba Inu is emerging as a significant player. The introduction of Shibarium and other upcoming ecosystem developments offer holders a promising future.
