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- So far this week, Shibarium testnet PuppyNet has seen a surge of nearly 3 million interacting wallet addresses now totaling 13,977,905.
- A Shiba Inu enthusiast explains that once Shibarium goes live, it could contribute to the burning of 500 billion SHIB tokens every year.
Last month, the Shiba Inu developers announced the launch of the Shibarium testnet dubbed PuppyNet, and ever since then, it has seen a sharp increase in the number of interacting wallet addresses.
As per the data on PuppyScan, the total number of interacting wallet addresses on the Shibarium testnet is currently 13,977,905. There’s been a surge of nearly 3 million interacting wallet addresses since the beginning of the week.
As of now, the Shibarium testnet aka PuppyNet records 446,449 total transactions and 446,449 total blocks. Shibarium is the Layer-2 scalability platform of the Shiba Inu ecosystem, built atop the Ethereum blockchain network.
More and more projects have shown interest in building atop the Shibarium platform. Last week, the Koyo platform announced that it is gearing up for a billion-dollar launch on the Shibarium platform soon as it is ready. The Koyo platform launched its native Koyo Token on the ShibaSwapDEX last month thereby gaining massive popularity within the Shiba Inu community.
Similarly, another new project dubbed MzeDex has decided to become part of the Shibarium ecosystem. However, investors still need to be watchful of the events since the launch of the Layer-2 Shibarium platform has faced several delays from its previous schedule.
On the other hand, there are several scam platforms that are currently banking on the hype around Shibarium. Recently, Shiba Inu’s lead developer Shytoshi Kusama issued an alert to the Shiba Inu community to do due diligence and research (DYOR), and not get scammed. He also alerted the community that Shibarium doesn’t have an official token yet.
Shibarium to Burn 500 Billion Tokens
A Shiba Inu-focused account SHIB PPP has recently unveiled its expectations for the total Shiba Inu (SHIB) burns through the Layer-2 Shibarium protocol. He expects that once the Shibarium protocol goes live, it can burn 500 billion SHIB per year.
This massive burn rate for Shiba Inu’s native token SHIB will provide a greater price boost to the cryptocurrency going ahead.
I just ran new burn estimates for Shibarium.
Shibarium will impress me if it can burn 500 billion $SHIB per year.This is based on the current prices of BONE and SHIB, as well as the number of transactions of the top L2 in the previous 30 days. pic.twitter.com/L7dLE2T9JF
— $SHIB BPP (@ShibBPP) April 18, 2023
As per the official documentation, Shibarium’s base fee will be split wherein 70% will be burned, and 30% will be set aside to maintain the network.
As per the new burn estimates from SHIB PPP based on the current price of BONE and SHIB, he would be impressed if Shibarium strikes a burn rate of 500 billion SHIB coins per year.
The Shiba Inu developers are also working on expanding the ecosystem further. In a recent message on Telegram, Shiba Inu’s lead developer Shytoshi Kusama hinted at the potential release of Shibaswap 2.0. Kusama noted that they are working on a more advanced iteration of the decentralized exchange (DEX).
As of press time, Shiba Inu’s native crypto SHIB is trading 2.72% down at a price of $0.00001078, and a market cap of $6.3 billion.
