Extensive work seems to be continuing on the Shibarium beta "Puppynet," as hinted yesterday by Shiba ecosystem official Lucie.
Puppyscan, the blockchain explorer for Shibarium beta Puppynet, is still unavailable at the time of writing. Reports of the situation came to light after Lucie revealed that Shibarium beta Puppynet is being heavily worked on.
She shared in an update yesterday that the "Shibariumtech testnet is down; heavy work on it is being done."
Blockchain explorer Puppyscan was showing a 504 error at the time of writing.
A network may have downtime while undergoing upgrades or patches because the changes being made may interfere with the network's regular operations if it is already up and running, leading to glitches or inconsistencies that impede its efficient operations.
SHIB burn and price action
According to Shibburn Twitter, in the past 24 hours, a total of 5,752,944 SHIB tokens were burned in three transactions. The SHIB burn rate is down 2.64% in the last 24 hours.
At the time of writing, SHIB was down 5.36% in the last 24 hours at $0.000008.
The crypto market suffered a rout after the SEC filed its class action lawsuit against Binance, with prices having their third-worst outing of 2023. According to Santiment, "a potential recovery largely depends on how big of a deal this ends up being as the next 1-3 weeks progress."
The U.S. Securities and Exchange Commission sued crypto exchange Binance and its CEO Changpeng "CZ" Zhao for allegedly breaking federal securities laws on Monday.
The SEC also alleged that Solana, Cardano, Polygon, COTI, Algorand, Filecoin, Cosmos, The Sandbox, Axie Infinity and Decentraland are securities.