- The number of trades rocketed from 5,000 to 36,000+, an increase of 700%.
- Increased whale activity is the only plausible explanation for the sudden rise.
Shiba Inu has been working very hard on many different initiatives and improvements for its user base. The release of Shiba Eternity, its first game, was a smashing success. According to the most up-to-date information, over a million transactions have been performed on Shibarium’s testnet since the introduction of “Puppynet.”
Today, information from IntoTheBlock shows that there has been an unexpected increase in activity on the Shiba Inu network. The number of trades rocketed from 5,000 to 36,000+, an increase of 700%.
Over 1 Million Transactions
It is yet unknown what is causing the increase in activity. This occurs at a time when the price is relatively steady compared to other cryptocurrencies. No significant events or circumstances have preceded this. The volume and volatility of trade over the course of a day seem to be more robust than average.
The Shibarium network’s native testnet, Puppynet, is seeing a rise in use as the mainnet launch, set for later this year, draws near. The testnet has handled over 1,000,000 transactions from little over 200,000 distinct wallets since its March 11 debut, according to statistics from blockchain explorers.
More than 114,000 transactions took place in a single 24-hour period on March 28-29, contributing significantly to the spike in activity during the last week. There has been a lot of action on Puppynet, and tokens utilized in the Shibarium ecosystem, such as SHIB and BONE, may rise in value as a result. Increased whale activity is the only plausible explanation for the sudden rise in trading activity.
