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Shiba Inu: This new update might end FUD surrounding Shibarium

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Shiba Inu: This new update might end FUD surrounding Shibarium
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  • The chain ID of the Shibarium testnet was a source of significant FUD.
  • Daily transactions on the test network zoomed to 718 on 24 March.

The FUD which gripped the Shiba Inu [SHIB] ecosystem since the testnet launch of layer-2 blockchain Shibarium, could soon be a thing of the past.

According to the latest update provided by a SHIB influencer, the chain ID of the Shibarium testnet, also called ‘Puppynet’, has been changed. As per a screenshot posted in the same thread, the new chain ID was 719.

Read Shiba Inu [SHIB] Price Prediction 2023-24

Basis of the FUD

The chain ID of the Shibarium testnet became a bone of contention as soon as it was launched. A Shiba Inu discord channel member pointed out that Shibarium’s chain ID shared the same ID as the Rinia testnet blockchain.

The member insinuated that Shibarium might have copied the genesis file from the Rinia testnet and changed their name to Shibarium without changing the chain ID.

While Shibarium developers termed this as a coincidence, the revelation caused much furor in the SHIB community and the price of SHIB fell by more than 8%.

However, after the announcement of a new chain ID, the FUD might subside. And there were strong positive signs coming from Puppyscan, the Puppynet explorer. The daily transactions on the network zoomed to 718 on 24 March, after staying lulled for the last few days.

Source: Puppyscan

Furthermore, the Shibarium team was also working on the faucet update. Faucets are used to obtain the test cryptocurrency needed to interact with the testnet blockchain. The Shibarium faucet will utilize a BONE token in order to allow users and developers to perform tests on the network.

Whales are back in business?

Meanwhile, SHIB exchanged hands at $0.00001055 at the time of writing, falling by 1.21% over the previous day, per CoinMarketCap.

With clarity on chain ID in place, big addresses were attracted to SHIB. As per Santiment, the supply held by large addresses as a percentage of the total supply increased over the last two days.

How much are 1,10,100 SHIBs worth today?

This could be due to whales amassing SHIB in large quantities as the number of transactions transferring more than $1 million rose.

Source: Santiment

However, despite the increase in transaction numbers, data from Shibburn revealed that the burn rate declined by over 92% in the last 24 hours, with a little over 1.34 million tokens removed from circulation.

Source: Shibburn

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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