Shibarium Testnet's Transaction Surge Sets New Milestone, SHIB Gains Prominence as Sponsor for Eth Toronto Conference

 Shibarium Testnet's Transaction Surge Sets New Milestone, SHIB Gains Prominence as Sponsor for Eth Toronto Conference

Shibarium Testnet's Transaction Surge Sets New Milestone(Getty)

The Puppyscan testnet of Shibarium has achieved yet another significant milestone in terms of utility. Over the course of the past week, the number of transactions performed on the Shibarium network has experienced a substantial increase. Specifically, within the last five days alone, the total count of transactions on Shibarium witnessed a surge of 1.4 million, resulting in a new all-time high of 28,434,737 transactions. This notable growth is a remarkable leap from the previous level of approximately 27,000,000 transactions. However, it is worth noting that the number of wallets involved in these transactions has remained stagnant, with no discernible growth observed, maintaining a consistent level of 17,061,395 wallets.

In a previous report by U.Today, Shytoshi Kusama, the lead developer of SHIB, shared a Medium story in which he revealed that SHIB will be acting as a sponsor for the upcoming Eth Toronto conference, scheduled to take place in Canada in the middle of August. This announcement showcases the increasing prominence and recognition of SHIB within the cryptocurrency community. Furthermore, Shytoshi hinted at the possibility of a detailed discussion concerning the forthcoming launch of the Shibarium mainnet, which is likely to generate considerable anticipation and excitement among SHIB holders and enthusiasts.

Recent data from Santiment, an on-chain data aggregator, indicates a renewed interest from whales and traders in SHIB, positioning it as the second-largest meme coin in the market. Following a weekend surge in its price, where SHIB recorded a notable increase of over 8%, whales and traders have once again directed their attention towards SHIB. A chart accompanying the tweet from Sentiment reveals that since April 3, a total of 14 separate whale transactions involving SHIB have taken place, each with an approximate value of $1 million. Consequently, the cumulative value of these transactions amounts to an impressive total of 132,450,331,125 SHIB, underscoring the substantial investment and trading activity surrounding the meme coin.