- The lead developer reminded the users that the current version is only for testing purposes.
- Technical indicators sided with a SHIB recovery at press time.
The beta version of the highly-anticipated layer-2 blockchain, Shibarium, has been released and the flagship offering from the Shiba Inu [SHIB] ecosystem will be called ‘Puppynet’.
The lead developer of the project, Shytoshi Kusama said in a blog post that Shibarium will enable users to build dApps on the chain and integrate businesses with it.
SHIBARIUM EARLY BETA TEST IS LIVE!
Today, more than ever, we see the need for a truly decentralized L2 network that powers the projects of a large, global, decentralized community.
Read more:https://t.co/131BxiS4BS
— Shibarium Network (@ShibariumNet) March 11, 2023
As per CoinMarketCap, SHIB’s value increased to $0.00001033 at press time, recording a marginal gain of 3% since the news of the release was made public.
Read Shiba Inu’s [SHIB] Price Prediction 2023-24
A big leap for memes!
Shytoshi introduced a Shibarium Technology intake form for those looking to build on the network. He added that documentation for validators will be released next week, using which they could set up test nodes.
But amidst the excitement, Shytoshi had a piece of advice for the SHIB community. He reminded them not to spend their token on Puppynet as the current version is only for testing purposes.
Regarding the burn mechanism, the lead developer mentioned that SHIB burns would depend on the transactions in the network and a new chart for burned tokens will be integrated into the burn portal.
However, data from Shibburn revealed that the burn rate declined by over 95% in the last 24 hours, with over 23 million tokens removed from circulation.
Source: Shibburn
SHIB gets the energy pill!
SHIB token became a favorite of big addresses as data from WhaleStats pointed out that it was the most traded token among the top Ethereum [ETH] whales at the time of writing.
? JUST IN: $SHIB @Shibtoken flipped $WETH for MOST TRADED token among top 1000 #ETH whales
Peep the top 100 whales here: https://t.co/jFn1zIOq03
(and hodl $BBW to see data for the top 1000!)#SHIB #WETH #whalestats #babywhale #BBW pic.twitter.com/hlwYLV3pHK
— WhaleStats (tracking crypto whales) (@WhaleStats) March 12, 2023
On the other hand, SHIB’s supply on exchanges dropped, indicating that holders anticipated a rise in SHIB’s price and preferred HODLing the tokens, as per Santiment. The network growth also increased as new addresses found SHIB lucrative.
The cumulative effect of these metrics pushed the investors’ sentiment high into the positive territory.
Source: Santiment
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SHIB has been struggling of late due to stronger macroeconomic factors but technical indicators signaled a revival at press time.
The Relative Strength Index (RSI) was on an upward trajectory while the On Balance Volume (OBV) had a similar story to narrate.
The Moving Average Convergence Divergence (MACD) made a bullish crossover, suggesting that demand for SHIB could escalate in the coming days.
Source: Trading View SHIB/USD
