The Shiba Inu testnet ‘Puppynet’ has exceeded 20 million transactions, signaling a rising demand for the network and marking a significant milestone for the Shibarium ecosystem. The latest analysis shows that the Shibarium ecosystem is thriving based on the level of involvement, which may eventually raise the value of SHIB and BONE, two of the ecosystem’s tokens.
According to sources, Puppynet’s transaction volume has been increasing exponentially, with the total number of transactions rising by several million over the previous several weeks. This expansion has been ascribed to the network’s growing popularity among users and developers who want to take advantage of the platform’s features.
While describing the workings and features of the Puppynet, a freelance cryptocurrency analyst, Brian Johnson, explained that the Shibarium team created the Puppynet as a test network so that programmers could evaluate their programs and smart contracts in a controlled setting before launching them on the leading network.
Network features include lowNetwork, low transaction fees, quick confirmation times, and highly scalable security architecture. The value of the SHIB and BONE tokens has increased as a result of Puppynet’s rising popularity. The Shibarium team reportedly recently increased their holdings by 1.5 trillion SHIB and 1.5 trillion BONE, increasing their total to a stunning 5.3 trillion SHIB, valued at over $35 million at the current market rate.
The influx of Investment and NFT Influence Contributed To SHIB/Puppynet Market Performance
According to Cryptocurrency Whale Tracking data, the SHIB token has seen significant investment activity. It was gathered that an unknown investor recently added an extra $10 million worth of the tokens to their holdings. This investment activity shows that people are becoming more optimistic about the possibilities of the Shibarium ecosystem and its related tokens.
Decentralized platforms, including decentralized exchanges, decentralized finance (DeFi) protocols, and non-fungible token (NFT) marketplaces, are all part of the Shibarium ecosystem based on the Ethereum blockchain. The report says that the SHIB and BONE tokens are responsible for fuelling the ecosystem while covering transaction costs and accessing different services on the platform.
Data from Coinpaparika (before now) shows that Puppynet is yet to be listed on any exchange, therefore, has 0 active market performance and 0 trading volume in the last 24 hours. But as of the time of writing, the price of Puppynet on the Coinbrain exchange is currently $0.00002502, with a market capitalization of just $2,502.20.
Meanwhile, analysis on Binance’s official blog explained that the Shibarium ecosystem is developing and can potentially raise the value of the SHIB and BONE tokens, as seen by the rising demand for the Shiba Inu testnet “Puppynet.”
While responding to the development, Johnson claims that a promising development for the future of the Shibarium ecosystem is the platform’s rising popularity among users and developers and the significant investment activity surrounding the SHIB token.
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