The meme-inspired cryptocurrency Shiba Inu ($SHIB) has been seeing significant growth over the last few months, to the point that data shows explosive growth of its daily new addresses on the network in the second quarter of the year.
According to popular cryptocurrency analytics firm IntoTheBlock, the meme-inspired cryptocurrency has seen a strong ending to the second quarter, with daily new addresses reaching over 4,000 on June 27, representing a staggering 357% growth when compared to the increase of 877 daily new addresses recorded on May 21.
Notably, the meme-inspired cryptocurrency has laso seen a remarkable flurry of activity as the testnet for its layer-2 scaling solution Shibarium, Puppynet, reached a new transaction milestone of 25 million.
According to data from PuppyScan, a block explorer dedicated to the meme-inspired cryptocurrency’s network, the Shibarium testnet has now processed a total of 25.5 million transactions, with around 270,000 transactions being processed per day.
As CryptoGlobe reported, Puppynet surpassed the 20 million transaction mark earlier this month, at the time with around 16 million wallet addresses moving funds on the network. The number of wallets on Puppynet has since grown to surpass the 17 million mark.
The surge in activity and interest can be partly attributed to a cryptic message from Shytoshi Kusama, the enigmatic lead developer of SHIB. Kusama, who has been instrumental in spearheading the development of Shiba Inu, shared a 19-second video clip on Twitter hinting at developments within the Shiba Inu ecosystem.
In a recent YouTube video, crypto analyst Austin Hilton took a close look at the developments behind the Shiba Inu ecosystem, including its related tokens $BONE and $LEASH. The analyst revealed he is accumulating the former.
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.
Featured image via Pixabay.