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.
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:
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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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.
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.
(SHIB)
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.
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.
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.
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.
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