The beta version of the highly anticipated layer 2 blockchain Shibarium has been released and will be called Puppynet, the precursor to the Shiba Inu (SHIB) ecosystem.
The project’s lead developer, Shytoshi Kusama, said in a blog post that Shibarium will allow users to create on-chain dApps and integrate businesses with them. According to CoinMarketCap, at the time of writing, SHIB has risen in value to $0.00001033, a marginal gain of 3% since the news was announced.
The Big Leap for Meme Coins
Shytoshi has launched a Shibarium technology purchase form for those who want to build on the web. Documentation for validators will be released next week, and they can be used to set up test nodes, he added.
But amidst the excitement, Shytoshi has a piece of advice for the SHIB community. It reminds them not to spend their tokens on Puppynet as the current version is for testing purposes only. Regarding the burning mechanism, the lead developer stated that SHIB burning will depend on transactions on the network, and a new token burning chart will be integrated in the burning portal. However, data from Shibburn shows that the burn rate has dropped by more than 95% in the past 24 hours, with more than 23 million tokens removed from circulation.
SHIB gathers energy
Data from WhaleStats has become a hot topic among major addresses as it shows that the SHIB token is the most traded token among the top Ethereum (ETH) whales at the time of writing. On the other hand, according to Santiment, the supply of SHIB on exchanges has decreased, indicating that holders expect the price of SHIB to rise and prefer HODL over their tokens. The network grew rapidly as new addresses found SHIB to be profitable.
The rising effect of these indicators has pushed investor sentiment into positive territory. SHIB has struggled recently due to stronger macroeconomic factors, but technical indicators have signaled a rebound at the time of writing.
The relative strength index (RSI) followed the uptrend, while the on-balance volume (OBV) created a similar sentiment. The Moving Average Convergence Divergence (MACD) is rising, indicating that demand for SHIB may increase in the coming days.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Alican Ülker, without permission, may not be reproduced