Shibarium’s native testnet, Puppynet, has recently created new records. Towards the end of Q1, the test network processed more than 1 million transactions with the assistance of more than 200k unique wallets.
The statistics have ballooned up already. According to press time data from puppyscan.shib.io, the total transactions have crossed the 10 million benchmark, while the wallet addresses have surpassed the 15 million threshold. Specifically, they reflected values of 10.61 million and 15.89 million on Monday, May 22. Furthermore, the average block time, or the time taken to create a new block, stood at 7.4 seconds. At press time, the Puppynet had a total of 933.8k blocks.
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Roughly 11-70 transactions have been taking place on every block. Blocks are data structures or information containers of a blockchain. Over here, transaction-related data are permanently recorded.
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The macro picture
On the mainnet, however, the activity stats have been on a downtrend. Over the past week, the number of new addresses joining the Shiba Inu network has dropped by 8%, while the number of active addresses has dropped by more than 15%.
To put things into perspective, an address is considered active when it becomes a direct participant in a successful transaction. And new addresses, on the other hand, gauge the number of fresh entrants into the ecosystem. Over the past day, only 877 new participants were welcomed into the Shiba Inu ecosystem, while the number of active addresses stood only at 2.65k. Thus, the ongoing malnourished downtrend isn’t encouraging at the moment.
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SHIB’s price has been on a downtrend for quite some time now. On the daily chart, it is consolidating at the lower end of a downtrend, indicating that demand for SHIB is weakening. Usually, this is a bearish pattern and whenever the price breaks below the lower support, it suggests that the downtrend will likely continue.
However, SHIB has managed to establish the base as strong support and has been attempting to climb above the downtrend line. If such a breakout indeed transpires, then the tables could turn in favor of bulls going forward. At press time, SHIB was trading in green at $0.00000854, up by 0.23% on the daily.
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