Shiba Inu’s testnet, Puppynet, which is an open beta testing version of Shibarium, shows an increase in activity, with more than 1M transactions in just a few weeks, which was probably one of the reasons for the token’s current growth. Whether the asset can reach $1 thanks to this is what crypto influencer Keur Rohit tried to describe in the thread. Here’s what you need to know.
What is Puppynet? Key points
Puppynet is an open-test version of the long-awaited Layer-2 solution Shibarium. The environment has been available to users since March 11 and is open for experimentation, where all interested developers can start creating and deploying their own decentralized applications (dApps).
In addition, Puppynet can be implemented in “real-world” businesses as a decentralized backend, a cryptopay gateway, or a decentralized management module. However, there are several things that distinguish the beta version from the main network. For example:
- There are no real cryptocurrencies in Puppynet, so community members should be wary of impersonators. Wannabes have already launched tokens that use the name and logo of the main network, but none of these coins have anything to do with the Puppynet project. Be warned!
- To celebrate the release of the beta, the Shiba Inu meta team rolled out a virtual WAGMI TEMPLE a hub for health and wellness within the larger Shib Metaverse project in early alpha.
Besides, the beta-testing process is supposed to be accompanied by the regular burning of SHIB tokens. So, according to gem hunter SHIB POSSESSOR as well as the shiba-burn-tracker website, members of the community burned about 6.8B tokens during March.
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Shiba Inu ommunity burnt record 6.8B $SHIB in March 2023. pic.twitter.com/zNnlw8CiDT
— SHIB POSSESSOR (@SHIBpossessor) April 3, 2023
To summarize, as Shiba Inu lead developer Shytoshi Kusama explained, Puppynet is the first version of Shibarium, so the beta can only be used for research, testing, and entertainment.
Puppynet’s impact on the value of SHIB: the token’s current price
There are many factors that influence the rise or fall of a cryptocurrency, and it’s not always clear why an asset has risen at any given time. However, thinking logically, if there is more activity on the network, more users will interact with the cryptocurrency, i.e., they show interest in it, which can make its value grow.
Even though there are no cryptocurrencies on Puppynet, the fact that this is happening in the Shiba Inu ecosystem, which is considered one of the most popular, gives it weight. The community does not miss a single opportunity to push its favorite token. Thus, we can assume that the current growth of the asset is due to increased activity in the test network.
At the time of this writing, Shiba Inu is trading at $0.00001151, indicating a growth of 6,42% over the last 24 hours. At the same time, trading volume has also increased. During the last 24 hours, the indicator grew by 180,56%, so SHIB traded $616,432,446.
In addition to the increase in Puppynet activity, other factors could have also influenced the growth in the value of the asset. We have listed them below.
- On the way to the launch of Shibarium, the community continues to actively burn SHIB. So, in the first four days of April, there were 22 burns, as a result of which SHIB holders liquidated 90.1M tokens. In the last week, 1B assets were burned.
- According to the crypto tracking system Whale Alert, the mysterious whales have made transactions totaling 6T SHIB. The reason for these moves is unclear, but experts suggest it could be due to the shuffling of wallets by major market players or exchanges.
1,920,298,469,247 #SHIB (20,514,548 USD) transferred from unknown wallet to unknown wallethttps://t.co/gA4AASFKrz
— Whale Alert (@whale_alert) April 3, 2023
- It has become known that Shiba Inu, as well as Bitcoin, outperformed the Nasdaq 100 a basket of the 100 largest, most actively traded U.S. companies listed on the Nasdaq stock exchange in the first quarter. While the Nasdaq 100 index fell 30% in 2022 and rose nearly 17% in the first three months of the new year, Shiba Inu gained nearly 32% in the same period.
Bitcoin, Shiba Inu Outperformed Nasdaq 100 in Q1, 2023 https://t.co/3qtQcdv4zg
— ShibaZam (@Ortiz6Mil) April 2, 2023
In spite of all these major events, which would seem to make the price go to the Moon, we’re still just pleased with 6% growth.
Boosted by Puppynet: Will SHIB reach $1?
Crypto enthusiast Keyur Rohit suggested whether the token could reach the $1 bar with the launch of Shibarium. So, he said that investors should be on their guard and be prepared not to be hit by a wave because of the hype surrounding the project.
The reasons to believe that the project will be successful were formed against the background of the news that the Puppynet test network recorded a huge surge in activity: more than 1M transactions were made in a few weeks. But will SHIB be able to reach the bar of $1 thanks to this?
Keyur Rohit thinks that even if it won’t happen in 2023, by the end of the year we can expect the token to lose another two zeros, which means the asset will be trading at around $0.001. Considering the burning program, SHIB’s value may grow even higher in the future and possibly reach $1.
7/ So hold onto your hats, folks – Shiba Inu is proving to be a force to be reckoned with in the #crypto world! 🐕💰
— Keyur Rohit (@CryptoKingKeyur) April 4, 2023
When do you think Shiba Inu will be worth $1? Or is it just a dream, and the token is doomed to a low value? Write about it in the comments.