Shiba Inu Layer 2 protocol Shibarium is seeing growth in the number of interacting wallet addresses on its testnet. This figure has surpassed 14 million, recording 14,215,585 at press time, according to Puppyscan.
Meanwhile, the total transactions are now at 4,934,064; the total blocks are 671,347 and the average block time is five seconds.
Shibarium beta "Puppynet" launched on March 11, much to the joy of the Shiba Inu community. According to an update shared by Shiba Inu-focused Twitter account LucieSHIB, Shibarium is in the first phase of its testnet.
LucieSHIB, who is a Shiba Inu content marketing specialist, shares that the developers are currently focusing on the bridge between the Ethereum network and Shibarium, which will allow for the smooth migration of existing Shiba ecosystem tokens to the new network.
She further shares an update on the Shibarium mainnet's potential launch. LucieSHIB says as the Layer 2 protocol moves through beta testing, the main determinant for the mainnet launch will be the progress made, as well as successful audits. She specifically notes that Shiba Inu's lead, Shytoshi Kusama, stated there would be audits.
LucieSHIB further emphasizes the fact that it is extremely important not to underestimate safety via "crush tests," and this should be the priority of long-term investors, not a price pump.
SHIB: most successful meme coin
Crypto ranking platform CoinGecko has released the results of its recent survey on meme coins.
It notes that in terms of price gains, Shiba Inu was the most successful meme coin, with an 8,424,202% increase at its peak, compared to its starting price on Aug. 1, 2020.
There are currently 179 meme coins it tracks, and as of May 4, 2023, three meme coins have made it into the top 100 cryptos by market capitalization — namely, Dogecoin, Shiba Inu and Pepe.
CoinGecko notes that according to an analysis of 10 meme coin price returns, to reach $1 million in meme coin holdings, the minimum initial investment needed for Shiba Inu was $11.87 from its starting point.