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Shibarium is a layer-2 blockchain platform on Ethereum, built for the meme crypto Shiba Inu. The upgrade aims at transforming Shiba Inu into a far-reaching ecosystem. As the community awaits the mainnet, the developers launched the Puppynet testnet a few weeks ago.
Meanwhile, the latest updates confirm that the Puppynet testnet has completed more than 10.4 million transactions as of this publication. Also, Puppynet processed around 926,771 blocks. The network has over 15.8 million wallet addresses, while the block production time is five seconds.
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The network has seen its daily transactions surging since mid-May, averaging over 300,000 daily transactions since 12 May.
SHIB burning continues
Remember, increased network activity translates to an increased SHIB burning rate and more use cases for the meme coin. The latest tweet y Shibburn indicates that the ecosystem destroyed 40,086,954 tokens over the past day.
Moreover, it burned more than 3 million coins within the previous seven days. While this has reduced the token supply, it only represents a minor dip, with the number of circulating SHIB well beyond 589 trillion coins.
Shiba Inu community’s loyalty
Indeed, meme cryptocurrencies have always met criticism due to their lack of utility and hype-driven price movements. Nonetheless, these assets have proven lucrative, earning individuals notable returns. Most themed digital coins depend on their communities, and Shia Inu isn’t an exception.
For instance, a crypto enthusiast reminded people shouldn’t consider SHIB and meme as it has utility and builds to ensure more use cases. Moreover, the Shiba Inu community wants Linda Yaccarino, the new Twitter CEO, to integrate SHIB into the social media platform. The CEO follows Shiba Inu.
SHIB price outlook
Meanwhile, SHIB continues to struggle as far as price actions are concerned. Invezz.com data shows the meme coin lost around 20% over the past month. While writing this content, Shiba Inu changed hands at $0.000008763705 – a 0.38% drop over the past day. Also, SHIB plunged by 1.85% in the last seven days.
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