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Shiba Inu's Shibarium Testnet Surpasses 25 Million Transactions As SHIB Burn Rate Surges Almost 2,000%

source-logo  cryptointelligence.co.uk 02 July 2023 22:41, UTC

The Shiba Inu ($SHIB) cryptocurrency, inspired by memes, has experienced a surge in activity and transactions as its layer-2 scaling solution, Shibarium’s testnet called Puppynet, achieved a significant milestone of 25 million transactions.

Notably, SHIB’s burn rate surged by 1,800% in the preceding 24-hour period.

PuppyScan, a dedicated block explorer for the Shiba Inu network, provided data indicating that the Shibarium testnet has processed a total of 25.5 million transactions, with an average of approximately 270,000 transactions per day.

Earlier this month, CryptoGlobe reported that Puppynet had surpassed the 20 million transaction mark, with around 16 million wallet addresses actively moving funds on the network.

Since then, the number of wallets on Puppynet has surpassed 17 million.

Another significant metric for the testnet is the processing of 1.49 million blocks.

The average block time, a crucial parameter in blockchain technology that measures the speed of adding new blocks to the blockchain, stands at 5 seconds.

The increased activity and interest can be attributed in part to a cryptic message shared by Shytoshi Kusama, the enigmatic lead developer of SHIB.

Kusama, who played a vital role in the development of Shiba Inu, posted a 19-second video clip on Twitter, hinting at upcoming developments within the Shiba Inu ecosystem.

Shibarium represents a milestone for the Shiba Inu ecosystem, which currently operates on the Ethereum network.

While Ethereum is known for its safety and decentralization, it faces scalability and transaction throughput challenges.

CryptoGlobe previously reported that the largest Ethereum whales hold more SHIB than any other cryptocurrency, excluding stablecoins and Ethereum’s native token.

According to WhaleStats, a whale monitoring service, the top 100 Ethereum whales collectively possess a staggering 49.62 trillion SHIB tokens, valued at approximately $600 million.