The native test network of Shiba Inu’s layer-2 Shibarium, fondly called Puppynet, has recorded an impressive tally of over 20 million transactions, emanating from an estimated 16 million wallets. This notable achievement signals the network’s steady march towards a broader release slated for the forthcoming months.
Puppynet is Shibariu’s testnet, meaning a blockchain network tailored for testing that serves as a replica of the main chain. These networks allow developers to fine-tune and debug potential issues, as well as keep an eye on network activity prior to a larger-scale rollout.
Data from Puppynet blockchain explorer BlockScout, first shared on social media by Shiba Inu community influencer LucieSHIB, shows that the network has now processed more than 20 million transactions, with average daily transactions steadily growing.
The robust engagement seen in Puppynet may be indicative of the burgeoning demand for Shibarium. This heightened interest could translate into an uplift in the value of both $SHIB and $BONE, two of Shibarium’s native ecosystem tokens
Shibarium represents a milestone for the Shiba Inu ecosystem, whose token is currently running on the Ethereum network which, despite being a highly safe and decentralized blockchain, has drawbacks when it comes to scalability and transaction throughput.
As CryptoGlboe reported, recent analysis from Santiment has suggested that several major altcoins, including $XRP, Cardano’s $ADA, and the meme-inspired cryptocurrency Shiba Inu are potentially undervalued, which would signal an opportunity for a recovery over the summer.
The list of potentially undervalued altcoins also includes Dogecoin ($DOGE), Polygon ($MATIC), Uniswap ($UNI) and Chainlink ($LINK). In contrast, the report points out that cryptocurrencies like Bitcoin ($BTC), Ethereum ($ETH), and $BNB might be overvalued according to the MVRV Z-score.
The SHIB community has been sticking to its token burning strategy, while the meme-inspired cryptocurrency recently rebounded from a recent security rating drop.
Earlier this month, data from the Ethereum blockchain revealed that more than 4 trillion tokens worth over $31 million were unstaked and moved to leading cryptocurrency exchange Binance.
The repercussions of this sizable transaction are far-reaching. With the addition of these unstaked tokens, the circulating supply of Shiba Inu has grown by 1%, bringing the total supply to 578.9 trillion tokens. In contrast, the number of staked tokens has dwindled to 10.44 trillion SHIB.
Featured image via Pixabay.