Shiba Inu has recently attracted considerable attention on the cryptocurrency market. Santiment noted on Monday that Shiba Inu social dominance was higher at the beginning of the week.
Last Wednesday, Santiment disclosed that SHIB had one of the highest transaction fees among currencies, indicating a surge in activity.
A deeper look at the underlying trends reveals that this Shiba Inu development may have a good outcome, with network expansion potentially serving as a catalyst.
Notably, more addresses are joining the Shiba Inu ecosystem as the introduction of Shibarium Layer 2 nears. According to Shiba Inu founder Shytoshi Kusama, Shibarium, a much-anticipated Layer 2 blockchain, will debut after a conference in Toronto in August.
All Shib-branded work will be released, the finished Worldpaper will be displayed, and Treat will be published in detail for the first time, according to Kusama. Additionally, it’s quite possible that we’ll talk about and release the eagerly awaited L2 Shibarium.
“Puppynet,” the testnet for Shibarium, has seen a lot of activity lately. 28,423,593 transactions have reportedly been completed on “Puppynet” as of this writing, according to Puppyscan. There are now 17,061,387 wallet addresses in existence. Shibarium beta Puppynet has now processed 1,633,137 blocks in total, a rise in the amount of blocks processed overall.
BONE sees whopping 145% increase in new addresses
Before modestly recovering to $1.33, where it is currently trading, BONE saw a run-up to highs of $1.49 when Shiba Inu chief Shytoshi Kusama mentioned a likely launch date for Shibarium.
BONE has climbed by 29% over the previous week despite the price drop. The previous week has seen a sharp rise in the number of new and active addresses for BONE.
In the last seven days, new addresses for BONE have climbed by 145%, while active addresses have increased by 124%, according to statistics from IntoTheBlock.
This is still crucial since, historically, crypto addresses have been used to fairly measure the network’s expansion and keep tabs on user activity.
