According to blockchain data, Shibarium’s Puppynet beta testnet appears to have captivated the community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB), registering over 550,000 wallet addresses and processing over 2.5 million transactions in just three weeks.
At the time of writing, blockchain statistics indicated that approximately 2.7 million transactions had been executed, with 568,400 wallets created on the network. These transactions have been included in over 330,000 blocks on the layer-2 network, with an average block duration of six seconds.
On April 11, the network set a new milestone, registering a total of 890,000 transactions in a single day, up from about 480,000 on April 10. Prior to the increase, daily network transactions ranged between 1,000 and 14,000. Shibarium’s testnet has already seen developers launch 71 coins on top of it, according to crypto influencer Lucie.Â
Shibarium-related social media channels have also seen large increases in activity, with over 100,000 messages exchanged on its Discord server since its introduction. According to CryptoGlobe, one of the three primary tokens in the Shiba Inu ($SHIB) ecosystem, Bone ShibaSwap ($BONE), has experienced a considerable increase in large transactions as Shibarium’s testnet, Puppynet, continues to grow.
According to IntoTheBlock data, the overall volume of large BONE transactions grew from 119,360 to 377,960, reflecting an increase from $127,800 to $402,000. According to CryptoGlobe, BONE’s price exploded this year, propelling it into the top 100 cryptocurrencies by market capitalization.
The token is understood to be crucial to the ecosystem’s decentralized exchange ShibaSwap, and it’s a “governance token that aims to allow Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization, according to Coinbase. Shibarium is also centered on BONE, since the platform’s developers have indicated that every transaction will require BONE to pay for gas fees and will burn SHIB to make the latter increasingly rare.
