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Shiba Inu-Based PawZone To Launch Token This Week

Puppynet, the public beta stage of Shibarium, a decentralized layer-two network designed for Shiba Inu, was launched a few days ago. Since then, there has been frequent news about projects and advancements built on Shibarium.

Meanwhile, the SHIB army is eagerly anticipating the launch of one of its major projects, PawZone. PawZone token’s (PAW) official Twitter page announced that it would launch its PAW token in the coming week.

PAW Token Is On The Way

“We are thrilled about our upcoming fair launch this week, which we know the #ShibArmy has eagerly anticipated. The time for $PAW is almost here. It will be exclusively available on ShibaSwap,” the tweet stated.

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Lucie, a prominent SHIB influencer, congratulated JD Hatefi, the founder of PawZone, and expressed her well wishes for the project’s success, saying, “PAW is here. Good luck, @jds_updates. Looking forward to seeing Pawzaar on #Shibarium soon (hopefully in 2-3 months).”

Meanwhile, PawZone is the gateway to various applications within the Shiba Inu ecosystem, including the Shiba Inu Gaming Guild (GG), Pawfi, and Pawzaar. Pawzaar is an upcoming NFT marketplace serving the Shiba Inu ecosystem and NFT enthusiasts.

PawFi will be the platform for staking the PAW token, adding liquidity, and earning rewards. Meanwhile, the Shiba Inu GG is currently under development to address one of the issues with NFT games: the high cost of entry due to the exorbitant prices of the best NFTs.

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The PawZone team led by Hatefi is actively working on Pawzaar, and Lucie is optimistic about its release within the next two to three months.

Number Of New Addresses On Shiba Inu Drops

In other news, Shiba Inu is encountering significant difficulties as it tries to overcome its recent downturn. On-chain data reveals that there is a drop in network expansion.

Also, there are chances that long-term investors might offload their SHIB holdings, impeding any potential upward momentum in SHIB’s value. Glassnode’s latest data reveal a decline in the number of new Shiba Inu addresses since the start of March.

Currently, the number of new addresses stands at 1,759, a sharp contrast to the 4,575 addresses registered in February, a month ago. The noticeable reduction in new SHIB addresses may imply a decreased level of interest in the meme coin or a shift in attention toward alternative digital assets.

However, the Shiba Inu community faces more than just a decline in new addresses. According to Santiment’s data, long-term SHIB holders are liquidating their assets, resulting in a massive sell-off and increasing the downward price pressure.

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Additionally, on-chain data shows a delay in active addresses, indicating that the number of successful transactions has dropped. A decrease in new addresses on the Shiba Inu blockchain may suggest a dwindling attraction to the network’s essential features, presenting a potential obstacle for SHIB in the upcoming weeks unless there is a reversal.


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Bradley Nelson

Bradley Nelson is a US based cryptocurrency news writer for Tokenhell, he helps readers stay up to date with the latest trends and news from the blockchain and crypto world. Bradley has been a crypto enthusiast since 2018.

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