The second most polar meme coin in the market Shiba Inu is up 2.7% in 24 hours to trade at $0.00001085 at the time of writing on Saturday. This bullish outlook may be attributed to fresh interest among investors surrounding testnet ‘Puppynet’ and the anticipated Shibarium launch.
Despite the intense selling pressure altcoins experienced in March, SHIB held firmly to support at $0.00001—and now bulls are concentrating on the seller congestion at $0.000011, which must come out of the way to trigger more liquidity as the token recovers to $0.00001575, February’s high.
Testnet ‘Puppynet’ Hits 1M Transactions as Shibarium Launch Approaches
Puppynet, Shibarium’s testnet protocol is seeing increased activity as the Shiba Inu ecosystem gears up for the anticipated release of Shibarium, a layer-2 solutions provider.
According to blockchain explorer, over 1 million transactions have been processed with an average block time of 8.3 seconds. Testnet Puppynet was released on March 11 and processed more than 200,000 transactions in the week.
The majority of the transactions occurred in the previous week, with a total of over 114,000 transactions completed within 24 hours on dates, March 28 and 29.
Investors are excited about the launch of Shibarium and the success achieved by testnet Puppynet, which has been running for almost three weeks without any glitches.
The Shiba Inu development team has insisted in the past – they are not bound by timelines but by the need to ensure a quality product is released into the market.
Analysts believe that Puppynet’s activity could boost the value of the tokens in the Shiba Inu ecosystem, including SHIB and BONE as more features are added to the testnet.
Rachel Lin, CEO of SynFutures, a decentralized derivatives trading exchange argues that contrary to what many believe “the Shibarium upgrade’s financial impact has been underwhelming,” its testnet Puppynet is seeing tremendous activity.
However, the CEO reckoned that the network still has a long way to go and more work must be done. Unification, the company behind Shibarium, recently told users that more features are coming, including “an all-in-one wallet solution that will enable native two-way asset transfers, staking/delegating, as well as a ShibaSwap integration module.”
Although SHIB and BONE tokens may gain momentum amid the increasing network activity on testnet Puppynet, “the current macroeconomic climate, any such movements will likely to be short-lived,” Lin warned.
Testnet protocols like Shibarium’s Puppynet refer to blockchain networks built for testing purposes. They help developers simulate activity on the mainnet so that any bugs and other issues that may arise are corrected before the final launch to a wider audience.
Shibarium is one of the most ambitious projects undertaken by the Shiba Inu ecosystem to improve the network’s scalability by processing transactions off-chain before stacking them on the primary Ethereum blockchain.
Can Shiba Inu Price Reach $1?
At the time of writing, Shiba Inu price is trading at $0.00001085 while holding onto a confluence support formed by the 100-day Exponential Moving Average (EMA) (line in blue) at $0.00001072 and the dotted descending trendline.
On the upside, SHIB has tested resistance at $.00001095, a region strengthened by the upper falling trendline. This hurdle has kept bulls from attempting the next breakout above $0.000011, a seller congestion zone made relevant by the 200-day EMA (line in purple).
If Shiba Inu price upholds the confluence support at $0.00001072, buyers could make good on a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
A break above $0.000011 coupled with the expected boost from testnet Puppynet’s increasing protocol activity may catalyze another significant trend reversal, as bulls look forward to $0.00001575.
Shiba Inu price may not reach $1 in 2023 but could ‘eat’ two more zeros to trade at $0.001 by December bolstered by the launch of Shibarium and the token burn program.
One important feature of Shibarium is to support the token burn campaign to reduce SHIB’s supply. As the supply thins, analysts expect Shiba Inu price to grow in value.
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