The second most polar meme coin in the market is trading at $0.00001085, up 2.7% in 24 hours at the time of writing on Saturday, Shiba Inu. This bullish outlook can be attributed to the fresh interest among investors surrounding the testnet ‘Papinet’ and the anticipated Shiberium launch.
Despite the intense selling pressure altcoins experienced in March, Shiva Strongly held to support at $0.00001 – and now the bulls are focusing on seller congestion at $0.000011, which should come out of the way triggering more liquidity as the coin neared $0.00001575, the February high. till it gets better.
Testnet ‘Papinet’ hits 1M transactions as Shiberium launch approaches
Puppynet, Shibarium’s testnet protocol, is seeing increased activity as the Shiba Inu ecosystem prepares for the anticipated release of layer-2 solution provider, Shibarium.
According to Blockchain Explorer, over 1 million transactions have been processed with an average block time of 8.3 seconds. Testnet Puppynet was released on March 11 and processed over 200,000 transactions during the week.
Most transactions took place in the past week, with a total of over 114,000 transactions completed within 24 hours on March 28 and 29.
Investors are excited about the launch of shiberium And the success achieved by the testnet PapiNet, which has been running flawlessly for almost three weeks.
The Shiba Inu development team has emphasized in the past – they are not bound by deadlines, but need to ensure that a quality product is released to market.
Analysts believe that activity from PapiNet could increase the value of tokens in the Shiba Inu ecosystem, including SHIB and BONE, as more features are added to the testnet.
Rachel Lin, CEO of decentralized derivatives trading exchange SynFutures, argues that while many believe “the financial impact of the Shiberium upgrade has been minimal,” its testnet Pipenet is seeing tremendous activity.
However, the CEO acknowledged that the network still has a long way to go and more work needs to be done. Integra, the company behind Shiberium, recently told users that more features are coming, including “an all-in-one wallet solution that supports basic two-way asset transfer, staking/delegating, as well as a Shibaswap.” will enable the integration module.”
While SHIB and BONE tokens may gain momentum amid increased network activity on testnet Puppynet, “given the current macroeconomic environment, any such movement will likely be short-lived,” warned Lin.
Testnet protocols such as Shiberium’s Pipenet refer to blockchain networks built for testing purposes. They help developers simulate activity on the mainnet so that any bugs and other issues can be fixed before the final launch to a wider audience.
Shiberium, one of the most ambitious projects launched by the Shiba Inu ecosystem, improves the scalability of the network by processing transactions before they are locked on the primary Ethereum blockchain.
Can the price of a Shiba Inu reach $1?
while writing, shiba inu price The pair is trading at $0.00001085, holding the confluence support formed by the 100-day exponential moving average (EMA) (line in blue) at $0.00001072 and the dotted descending trendline.
On the upside, SHIB tested resistance at $.00001095, an area strengthened by an upper declining trend line. This barrier has kept the bulls from attempting the next breakout above $0.000011, a seller congestion area made relevant by the 200-day EMA (line in purple).
If the Shiba Inu price sustains the confluence support at $0.00001072, buyers can take advantage of a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
A break above $0.000011 and rising protocol activity on Puppynet coupled with an expected boost from Testnet could catalyze another significant trend reversal as bulls await $0.00001575.
The Shiba Inu price may not reach $1 in 2023, but could ‘eat’ two more zeros to trade at $0.001 by December, fueled by the launch of Shiberium and its token burn program.
An important feature of Shiberium is to support token burn campaigns to reduce the supply of SHIB. As supply dwindles, analysts expect the price of the Shiba Inu to increase in value.
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