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Shibarium Hits Massive New Record, Here's What Happened

Mon, 06/12/2023 - 12:12
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Yuri Molchan
Shiba Inu's Layer 2 protocol beta test version has passed new utility milestone
Shibarium Hits Massive New Record, Here's What Happened
Cover image via stock.adobe.com

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Data available on Puppyscan shows that Shibarium's utility continues to expand on a massive scale. The total number of transactions on Puppynet has surged to surpass a staggering new milestone.

Shibarium transaction count jumps

Puppyscan data shows that the total number of transactions processed by the Puppynet Shibarium beta has surpassed 20 million, reaching a massive 20,517,714, showing a large increase in Shibarium utility. The most recent peak in transactions was spotted on May 31, when the daily count reached 668,209.

The number of wallets on Shibarium testnet has also recently set a new record, surging above the 16 million level. The amount of crypto wallets linked now stands at 16,729,703.

Puppynet was launched on March 11 after more than a year of waiting and months of hard work by the Shiba Inu team. As reported by U.Today recently, heavy work was being done on the Shibarium testnet as new improvements were being added to it by the developer team spearheaded by pseudonymous Shytoshi Kusama.

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Launch of Shibarium mainnet to be delayed?

Recently, a prominent member of the Shiba Inu team, known on Twitter as @LucieSHIB, stated that Shibarium will come "at the best time" when the crypto market begins to recover.

This may sound like a forecast of a delay in the release of the Shibarium mainnet. Prior to that, members of the SHIB team, including Lucie and Shytoshi Kusama, named July and August as possible release times.

That tweet by Lucie came out after the crypto market faced a massive sell-off over the weekend after U.S. regulators took another swipe at the crypto industry.

Shiba Inu was also hit by that, dropping by more than a staggering 30% on Saturday. The price closed at $0.00000594 on that day, falling from $0.00000776. At the time of this writing, the popular meme cryptocurrency is changing hands at $0.00000663, having put up a bit of a recovery.

Shib burn rate plunges

As reported by Shibburn wallet tracker, during the period of the last week, SHIB burns have dropped by 92.95% as a total of 299,452,784 SHIB was sent to "inferno" addresses.

As for the most recent burns, during the past 24 hours, the SHIB community removed 22,105,169 Shiba Inu meme coins from the circulating supply. This is 24% lower than the day before.

Overall, recently, the SHIB burn rate (both daily and weekly) has plummeted substantially, which may be linked to a delay in the Shibarium mainnet launch and an overall decline in SHIB's price performance.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.