Both Shiba Inu and the Shibarium beta testnet called Puppynet are currently showcasing very strong numbers. Puppynet in particular is currently recording an incredibly rapid growth.
As Bitcoinist reported, the testnet was just relaunched on March 24 and has already recorded over 100,000 wallet addresses within the first week. And this growth continues to show no boundaries. As of yesterday, Shibarium has broken the mark of over 2.5 million transactions.
In addition, over 373,696 wallet addresses have already been created. With an average block time, 328,985 blocks have been produced.
Yesterday alone, April 11, 890,399 transactions were processed in just one day, according to Puppyscan data. Just the day before, on April 10, Puppynet reached its previous record high transaction count with 481,151 transactions.
Moreover, 71 different tokens based on Shiba Inu’s layer-2 technology have already been created, according to Shiba Inu influencer Lucie.
Shiba Inu Burns Rise Further
In the past month of March, the SHIB burns have been quite impressive. In March, 6.78 billion SHIB tokens were burned with 540 transactions. Both the absolute number of SHIB destroyed and the number of transactions thus showed a significant increase compared to the previous months.
Overall, the March burn was the highest since October 2022 when 9.05 billion SHIB were burned in 2,433 transactions. Yesterday, the SHIB Burn Tracker announced that over 34.92 million Shiba Inu (SHIB) were burned in three transactions, with 25.31 million SHIB coming from a single wallet.
This largest transaction came from the Coinbase-associated wallet “Coinbase 10,” which transferred a whopping 25,313,097 SHIB to the burn address in a single transaction. The transaction caused the total burn rate to increase by 1,108% compared to the previous day (2.93 million SHIB).
A sign of the upward trend also comes from the futures market. Since the beginning of March, Shiba Inu has seen an increase in open interest (OI). The metric is the number of active positions investors have taken in contracts.
According to CoinGlass data, the number of open futures has exceeded 2.4 trillion SHIB, equivalent to about $26.78 million. Just a month ago, OI was only around $18 million.
The increase in open interest is evidence of traders’ growing interest in SHIB. When the SHIB price hit its yearly high of $0.00001591 in early February, the OI was $47.3 million.
SHIB Price Shows Bullish Bias
At press time, the Shiba Inu price stood at $0.00001083. As discussed on NewsBTC, the SHIB price is currently trading in an ascending triangle, which is a continuation pattern.
With today’s dip to $0.00001064, SHIB has written a new higher low. Therefore, the uptrend remains intact. A final decision on whether the bulls or bears prevail could come by the end of April.
Featured image from Seeking Alpha, chart from TradingView.com