HomeNewsCrypto Canines Rule: Shibarium Protocol Milestone Sends SHIB Price Skyrocketing

Crypto Canines Rule: Shibarium Protocol Milestone Sends SHIB Price Skyrocketing

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  • The Shibarium protocol, Shiba Inu’s Layer-2 network, records an impressive 31 million transactions on its testnet, PuppyNet, influencing a significant price rally for SHIB. 
  • Shibarium’s launch is highly anticipated, its success promising to solidify Shiba Inu’s evolution from a meme coin to a formidable player in the smart contract ecosystem.

The ongoing development of the Shibarium protocol, a Layer-2 solution within the Shiba Inu ecosystem, has reached a significant milestone. PuppyNet, the testnet for Shibarium, has processed an impressive total of 31,820,330 transactions since its inception, as recorded by PuppyScan, the analytics platform monitoring the Shibarium protocol. This remarkable achievement has coincided with a rally in the SHIB price, illustrating the impact such progress can have on the broader ecosystem.

Unfolding Success in Numbers

In addition to the total transaction count, the protocol has also seen substantial growth in other areas. The number of blocks generated has reached a total of 1,810,079 since the platform’s inception, showcasing the extensive use of the PuppyNet platform. Currently, an impressive 17,062,483 wallets have been created and operate on the protocol.

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Shibarium’s mission is to aid in the scaling of Ethereum. Conceived and crafted by the Shiba Inu team, the protocol aims to add further value to its ecosystem members. Layer-2 networks like Shibarium are gaining substantial traction on Ethereum, and Shibarium is poised to establish a thriving community and secure a share of the market, where competitors like Polygon (MATIC), Arbitrum (ARB), and Optimism (OP) currently hold sway.

From Memecoin to Smart Contract Powerhouse

Designed to boost the overall usability of the Shiba Inu ecosystem, the Shibarium protocol signifies a significant pivot for Shiba Inu from being a meme coin to a key enabler of smart contracts. With its development ongoing for several months, numerous protocols have shown interest in building on it.

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Shibarium’s upcoming launch, as announced by Shiba Inu’s lead developer Shytoshi Kusama, is expected to propel the price of SHIB to new heights. The deflationary model, which involves sending a portion of the transaction fees generated in SHIB to dead wallets, thus removing them from circulation, is expected to support a price increase in the long term.

Shytoshi Kusama has praised the recent utility milestone achieved by Shibarium. He lauded the surpassing of the 31 million transaction threshold on the PuppyNet platform, showing his approval with an aptly placed “partying face” emoji. As the launch of the Shibarium mainnet draws nearer, this remarkable achievement promises to set a new course for the Shiba Inu ecosystem’s evolution.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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