Shiba Inu (SHIB) Layer-2 Project’s Growth Rate Explodes As Testnet Wallet Transactions Soar to Over 4,400,000

New data shows that an explosive amount of transactions are being conducted over Puppynet, the testnet of Shiba Inu’s (SHIB) new layer-2 scaling solution, Shibarium.

According to blockchain scanner Blockscout, more than 4.4 million transactions have taken place over Shibarium’s testnet since it launched in its beta form in March, a fourfold increase in less than a month.

Shibarium is the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). Puppynet is Shibarium’s testnet before the mainnet launches.

More than 410.6 trillion Shiba Inu tokens have been permanently burnt from the asset’s supply, according to the burn tracker Shibburn.

At time of writing, Shiba Inu’s burn rate increased by 17.5% in the past 24 hours to more than 9.4 million SHIB, per Shibburn.

IntoTheBlock finds that about 69% of SHIB holders are underwater on their investments, while 15% are seeing profits. Of the total SHIB holders, 68% have held onto the meme token for more than a year.

Shiba Inu is trading for $0.00000154 at time of writing, down 6% in the past 24 hours.

Holders of SHIB’s rival meme token Dogecoin (DOGE) are faring better.

Per IntoTheBlock, 53% of DOGE holders are in profit, while 36% are underwater. Of the total DOGE holders, 71% have been holding onto their tokens for at least a year.

At time of writing, DOGE is worth $0.0837, down 3.5% in the past 24 hours.

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Generated Image: Midjourney