Shiba Inu’s Shibarium Testnet Hits 25 Million Transactions as SHIB Burn Rate Spikes 1,800%

The meme-inspired cryptocurrency Shiba Inu ($SHIB) has seen a remarkable flurry of activity as the testnet for its layer-2 scaling solution Shibarium, Puppynet, reached a new transaction milestone of 25 million. SHIB’s burn rate notably jumped 1,800% over the preceding 24-hour period.

According to data from PuppyScan, a block explorer dedicated to the meme-inspired cryptocurrency’s network, the Shibarium testnet has now processed a total of 25.5 million transactions, with around 270,000 transactions being processed per day.

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As CryptoGlobe reported, Puppynet surpassed the 20 million transaction mark earlier this month, at the time with around 16 million wallet addresses moving funds on the network. The number of wallets on Puppynet has since grown to surpass the 17 million mark.

In another noteworthy metric, the testnet has diligently processed a total of 1,49 million blocks. The average block time, a crucial parameter in blockchain technology that indicates the speed at which new blocks are added to the blockchain, is 5 seconds.

The surge in activity and interest can be partly attributed to a cryptic message from Shytoshi Kusama, the enigmatic lead developer of SHIB. Kusama, who has been instrumental in spearheading the development of Shiba Inu, shared a 19-second video clip on Twitter hinting at developments within the Shiba Inu ecosystem.

Shibarium represents a milestone for the Shiba Inu ecosystem, whose token is currently running on the Ethereum network which, despite being a highly safe and decentralized blockchain, has drawbacks when it comes to scalability and transaction throughput.

As CryptoGlobe reported, the largest Ethereum whales are currently holding onto more SHIB than any other cryptocurrency, excluding stablecoins and Ethereum’s native token itself.

According to data from whale monitoring service WhaleStats, the 100 largest Ethereum whales currently collectively possess an astonishing 49.62 trillion SHIB tokens, valued at approximately $600 million.

Featured image via Unsplash.