The Shiba Inu cryptocurrency has seen a surge in network activity with a record 2,538 new addresses created in one day, according to data analyst Ali Charts. This has taken the total number of addresses on Shibarium’s Puppynet testnet above 16 million, demonstrating growing adoption of the coin. The testnet is said to have surpassed 13 million total transactions and has an average block time of just five seconds. The long-awaited launch of Shibarium’s mainnet is expected before the end of the year, and the team is focused on long-term sustainability and security before its release.
This article originally appeared on www.newsbtc.com
Shiba Inu Network, a decentralized cryptocurrency project based on Ethereum, has recently recorded a massive surge in adoption. According to reports, the project has onboarded a staggering 2,538 new addresses in just a single day, surpassing its previous 3-month record.
For those unfamiliar with the term, an address is essentially a digital wallet that holds cryptocurrency tokens. When an individual creates a new address in the Shiba Inu Network (or any other cryptocurrency project), it signifies their interest in the project and a willingness to participate in its ecosystem.
The sudden influx of new addresses on the Shiba Inu Network suggests that interest in the project is growing at an unprecedented rate. This is likely due to a variety of factors, including the growing popularity of decentralized finance (DeFi) protocols and the rapid rise of meme-based cryptocurrencies like Dogecoin and Shiba Inu.
Shiba Inu Network, in particular, has garnered attention in recent months due to its unique tokenomics model. The project’s native token, SHIB, has a total supply of one quadrillion tokens, with 50% of those tokens locked away in a liquidity pool. This is designed to create scarcity and drive up the token’s value over time.
In addition, the Shiba Inu team has launched several other tokens under the Shiba Inu brand, including LEASH and BONE. These tokens have generated significant buzz due to their limited supply and rare nature.
The surge in adoption on the Shiba Inu Network is a positive sign for the project’s long-term prospects. As more users join the ecosystem, the value of SHIB and other Shiba Inu tokens is likely to increase, attracting even more interest from potential investors.
However, as with any cryptocurrency project, there are always risks involved. Crypto markets are notoriously volatile, and the value of tokens can fluctuate wildly in a short period of time. It’s important for investors to do their due diligence and research a project thoroughly before investing their hard-earned money.
Despite the risks, the Shiba Inu Network’s growing community and rising adoption are a testament to the project’s potential. With more and more investors jumping on board every day, this meme-based cryptocurrency project is proving that it’s more than just a passing meme.