Shiba Inu Price Prediction As Testnet ‘Puppynet’ Sees Huge Increase In Activity As Shibarium Launch Approaches – Can SHIB Reach $1?
The second most polar meme coin in the market Shiba Inu is up 2.7% in 24 hours to trade at $0.00001085 at the time of writing on Saturday. This positive outlook can be attributed to renewed interest among investors around the ‘Puppynet’ testnet and the expected launch of Shibarium.
Despite the intense selling pressure altcoins experienced in March, SHIB stuck to support at $0.00001—and now bulls are concentrating on the seller overload at $0.000011, which needs to get out of the way to trigger more liquidity as the token recovers to $0 ,00001575, February’s highest .
Testnet ‘Puppynet’ hits 1M transactions as Shibarium launch approaches
Puppynet, Shibarium’s testnet protocol is seeing increased activity as the Shiba Inu ecosystem gears up for the anticipated release of Shibarium, a layer-2 solution provider.
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 more than 200,000 transactions a week.
The majority of transactions occurred last 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 Shibarium and the success achieved by the Puppynet testnet, which has been running for almost three weeks without any errors.
The Shiba Inu development team has insisted in the past – they are not bound by timelines, but by the need to ensure a quality product is released to the market.
Analysts believe Puppynet’s activity 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 SynFutures, a decentralized derivatives trading exchange, argues that contrary to popular belief, “the financial impact of the Shibarium upgrade has been underwhelming,” the Puppynet test network is seeing tremendous activity.
However, the CEO reckoned that the network still has a long way to go and more work needs to be done. Unification, the company behind Shibarium, recently told users that more features are coming, including “an all-in-one wallet solution that will enable native two-way transfers, staking/delegation, as well as a ShibaSwap integration module.”
Although SHIB and BONE tokens may gain momentum amid the growing network activity on the Puppynet testnet, “the current macroeconomic climate, such movements are likely to be short-lived,” Lin warned.
Testnet protocols such as Shibarium’s Puppynet refer to blockchain networks built for testing purposes. They help developers simulate activity on the mainnet so that any bugs and other issues that may arise are fixed before the final launch to a wider audience.
Shibarium is one of the most ambitious projects undertaken by the Shiba Inu ecosystem to improve the network’s scalability by processing off-chain transactions before they are stacked on the primary Ethereum blockchain.
Can Shiba Inu Price Reach $1?
At the time of writing, the Shiba Inu price is trading at $0.00001085 while holding a confluence support formed by the 100-day exponential moving average (EMA) (line in blue) at $0.00001072 and the dashed descending trend line.
On the upside, SHIB has tested resistance at $.00001095, a region strengthened by the upper descending trendline. This obstacle has prevented bulls from attempting the next breakout above $0.000011, a seller’s load zone made relevant by the 200-day EMA (line in purple).
If the Shiba Inu price maintains the confluence support at $0.00001072, buyers can profit from a buy signal from the Moving Average Convergence Divergence (MACD) indicator.
A break above $0.000011 coupled with the expected boost from testnet Puppynet’s increasing protocol activity could catalyze another significant trend reversal, as bulls look ahead to $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, bolstered by the launch of Shibarium and the token burn program.
An important function of Shibarium is to support the token burn campaign to reduce SHIB’s supply. As the supply decreases, analysts expect the Shiba Inu price to grow in value.
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