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Shiba Inu's Shibarium Adds Two Million Transactions in Days: Details

Tue, 05/30/2023 - 16:55
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Tomiwabold Olajide
Shibarium beta sees growth in transactions
Shiba Inu's Shibarium Adds Two Million Transactions in Days: Details
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Shibarium beta "Puppynet" is seeing a rapid increase in the number of transactions processed on the blockchain. 

Shibarium, Shiba Inu's low-cost blockchain solution, is designed to provide users with faster transaction speeds and lower fees compared to other blockchains. 

This might have partly contributed to the narrative of the growing transactions on its testnet.

According to PuppyScan, Shibarium testnet has now completed 14,152,932 transactions since its March 11 inception. The total number of blocks is currently 1,059,662; the current average block time is 5.3 seconds and wallet addresses are at 16,108,541.

On May 26, U.Today reported the total transactions processed on Shibarium beta to be 12,462,804 transactions. Given that this figure has risen above 14 million, this implies an increase of around two million transactions in about four days.

Shiba Inu ecosystem official Lucie has shared a message from Shiba Inu lead Shytoshi Kusama, coming from the Shibarium Discord channel. Kusama reassures the SHIB community, saying that great things are in the works.

"You know I'm quiet in cooking up something, so I've been very quiet because there are many great things in the works," a line from the screenshot reads.

Shiba Inu's large transactions soar 111%

IntoTheBlock, an on-chain analytics firm, labels large transactions as those that exceed $100,000. In the last 24 hours, IntoTheBlock gave the large transaction volume for Shiba Inu as $6.62 million, a 111% increase in the last 24 hours.

A rise in this statistic could be the result of a significant amount of buying or selling by large holders or whales, as large transactions frequently provide a glimpse into the behavior of this category of holders. SHIB was trading at $0.0000087, down 1.31% over the previous day.

Shiba Inu (SHIB) Prints First Death Cross in 2023: Details

Recently, Shiba Inu saw the highest number of daily new addresses in the past three months, with the creation of up to 2,538 new addresses on May 26 alone.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.