Shibarium, the layer 2 blockchain designed to address the shortcomings of the SHIB token’s host chain Ethereum, namely low speed and high transaction cost, is witnessing an initial surge in adoption as users explore and test its capabilities on the testnet.
Shiba Inu is a decentralized cryptocurrency project inspired by the popular internet meme of the Shiba Inu dog breed. It was created as an alternative to Dogecoin on the Ethereum blockchain.
The Shiba Inu (SHIB) ecosystem comprises three unique tokens, each serving a different purpose. SHIB, the primary token, functions as a decentralized, community-driven currency accessible to millions worldwide. Launched in late 2020 on the Ethereum blockchain, SHIB has gained global recognition and can be used as payment at numerous locations, either directly or through third-party intermediaries.
BONE, the ecosystem’s governance token, has a total supply of 250,000,000 and enables the Shib Army to participate in decision-making by voting on proposals via the Doggy DAO. Additionally, BONE serves as the basis for the ecosystem’s proprietary Layer 2 network, Shibarium.
LEASH, with a total supply of 107,646 tokens, caters to the ecosystem’s loyal supporters by offering exclusive benefits and access. Holders of LEASH have previously enjoyed incentivized BONE rewards for providing liquidity on ShibaSwap, exclusive access to Shiboshi NFT minting, and early access to land sales in the Shib: The Metaverse project.
The beta test network for Shibarium is named PUPPYNET. As per the blockchain explorer BlockScout, as of 8:56 p.m. UTC on March 30, the beta version of Shibarium has successfully executed more than 203,407 transactions. Data from this PUPPYNET explorer indicates that the number of wallet addresses utilizing Shibarium beta has reached 108,591, growing from zero in just a matter of days. Presently, the gas fees are 1.51 Gwei, which is virtually cost-free.
New data from leading analytics firm IntoTheBlock reveals that a substantial number of Shiba Inu (SHIB) tokens are now held by long-term investors, demonstrating the token’s growing appeal among holders with a longer investment horizon.
An article published in The Daily Hodl on March 29 reported that new data from crypto analytics startup IntoTheBlock (ITB) reveals holders who have kept their $SHIB tokens for over a year collectively own 687.17 trillion $SHIB, worth over $7.20 billion. These long-term holders control nearly 70% of Shiba Inu’s circulating supply.
The Daily Hodl article says that ITB data indicates that cruisers, or market participants holding their Shiba Inu tokens for one to 12 months, own 232.54 trillion $SHIB, worth more than $2.43 billion. These cruisers account for 23.65% of the token’s supply.
Regarding traders — those who hold Shiba Inu for less than one month — ITB reveals they control 63.55 trillion $SHIB, amounting to $666.63 million. These short-term traders own 6.46% of the token’s supply.
The Daily Hodl article goes on to say that per ITB data, only 28% of $SHIB holders are currently profiting at the token’s current price, while 68% are experiencing losses. About 4% of $SHIB owners are just breaking even.
Featured Image via Pixabay