Shiba Inu Layer-2 Project Surges, 9.5M Transactions & Low Gas Fees
• Shiba Inu’s layer-2 project, Shibarium is seeing explosive growth – transactions on its testnet have more than doubled since last month.
• Blockscout data shows that Puppynet has processed over 9.5 million transactions since launch, with nearly 16 million wallet addresses interacting with it.
• Gas fees are relatively low at 1.03 Gwei and Shiba Inu (SHIB) is trading for $0.000009 at time of writing.
Shiba Inu Layer-2 Project Surges
The number of transactions over the testnet of Shiba Inu’s (SHIB) highly anticipated layer-2 project, Shibarium, has more than doubled since last month according to blockchain tracker Blockscout. Over 9.5 million transactions have taken place over Puppynet since launch in March, up from the 4.4 million recorded last month.
Low Gas Fees
Shibarium is a layer-2 protocol built on top of Ethereum (ETH) designed to create fast and inexpensive scalable solutions much like Polygon (MATIC). It is set to officially launch sometime during the second half of the year though no specific date has been set yet. Nearly 16 million wallet addresses have interacted with Puppynet thus far with its gas fees being at 1.03 Gwei — a fraction of a penny — making it affordable for users to interact with it on the blockchain network.
Trading Price
At time of writing, Shiba Inu (SHIB) is trading for $0.000009 , only experiencing a fractional dip in price during the last 24 hours . This indicates positive growth for SHIB as the number of transaction increase steadily over the testnet and investors become more confident in its future prospects .
Warning From Developer
Shytoshi Kusama, the pseudonymous developer in charge of the project warned traders earlier that tokens on Puppynet were not considered investments . “All tokens on Puppynet are NOT REAL,” he said .”Don’t spend hard-earned SHIBS on these tokens if you see them no matter how hard people, anyone, shills.”
Conclusion
Overall Shiba Inu’s Layer 2 project appears to be gaining traction with an exploding amount of transactions taking place over its testnet compared to data from last month . With low gas fees and steady price growth , investors are becoming increasingly optimistic about Shibarium’s official launch later this year .
