HomeNewsShiba Inu's Puppynet Testnet Skyrockets with Over 2.5M Transactions, Fueling Bullish Momentum...

Shiba Inu’s Puppynet Testnet Skyrockets with Over 2.5M Transactions, Fueling Bullish Momentum for SHIB

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  • Puppynet testnet records rapid growth with over 2.5 million transaction.
  • Shiba Inu sees increased token burns and open interest in futures market.

Puppynet Testnet’s Remarkable Expansion

Shiba Inu and its beta testnet Puppynet are currently demonstrating impressive performance. Puppynet, in particular, is experiencing rapid expansion. After its relaunch on March 24, it has already recorded over 100,000 wallet addresses within the first week. As of now, Shibarium has surpassed 2.5 million transactions.

Moreover, more than 373,696 wallet addresses have been created, and with an average block time, 328,985 blocks have been produced. According to Puppyscan data, Puppynet processed 890,399 transactions on April 11 alone. The previous record high for transaction count was 481,151 on April 10.

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shibarium shiba inu

Shiba Inu Token Burns on the Rise

In March, 6.78 billion SHIB tokens were burned through 540 transactions, marking a significant increase in both the number of SHIB destroyed and the number of transactions compared to previous months.

This was the highest burn since October 2022 when 9.05 billion SHIB were burned in 2,433 transactions. On April 11, the SHIB Burn Tracker reported that over 34.92 million Shiba Inu (SHIB) were burned in three transactions, with 25.31 million SHIB coming from a single wallet.

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Growing Interest in SHIB Futures

Since the beginning of March, Shiba Inu has seen a surge in open interest (OI), which is the number of active positions investors have taken in contracts. CoinGlass data indicates that the number of open futures now exceeds 2.4 trillion SHIB, equivalent to roughly $26.78 million. This is a significant increase from the $18 million OI seen just a month ago.

Shiba Inu open interest

Shiba Inu’s Bullish Price Trend

Currently, the Shiba Inu price stands at $0.00001083. The SHIB price is trading within an ascending triangle, which indicates a continuation pattern. With a recent dip to $0.00001064, SHIB has established a new higher low, keeping the uptrend intact. The final determination of whether bulls or bears prevail may come by the end of April.

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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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