Shibarium, the layer-2 blockchain that has been eagerly awaited, has released its beta version. The flagship product of the Shiba Inu [SHIB] ecosystem will be known as Puppynet.
Shytoshi Kusama, the project’s main developer, has stated in a blog post that Shibarium will enable users to develop decentralized applications (dApps) on the blockchain and link them to businesses.
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Shytoshi introduced a Shibarium Technology application form for network developers. Next week, documentation for validators will be given, allowing them to set up test nodes.
Despite all the excitement, Shytoshi had some counsel for the SHIB community. He reminded them that the present version of Puppynet was solely for testing and it shouldn’t use their token in its beta version.
The lead developer commented on the burn mechanism, saying that SHIB burns will depend on network transactions and a new chart for burned tokens would be added to the burn portal.
Shibburn statistics showed that over 23 million tokens had been removed from circulation in the previous 24 hours, causing the burn rate to decrease by almost 95%.
SHIB Charges Ahead With Latest Boost
According to data from WhaleStats, as of the time of writing, the SHIB token was the most frequently traded token among the top Ethereum [ETH] whales, indicating that it is favored by significant wallets.
On the other side, according to Santiment, SHIB’s supply on exchanges decreased, indicating that holders preferred to hold onto their tokens because they expected SHIB’s price to increase. As more addresses discovered SHIB to be profitable, the network also expanded.
The combined impact of these metrics drove investors’ sentiment well into the positive range. Stronger macroeconomic variables had recently caused SHIB to struggle, but at the time of publication, technical signs suggested a turnaround.
The On Balance Volume (OBV) had a similar narrative as the Relative Strength Index (RSI) was moving upward. A bullish crossover of the Moving Average Convergence Divergence (MACD) indicates that the demand for SHIB may increase during the next few days.