• Puppynet has now recorded 34 million total transactions, showcasing remarkable growth.

•  Shiba Inu is trading at $0.000008338, and to reach the $0.001 mark, it would need to increase by a substantial 13,000 percent.

Shiba Inu’s Layer 2 platform, Shibarium, has achieved another significant milestone as Shiba Inu lead, Shytoshi Kusama, announces a major update before the mainnet launch. The testnet, Puppynet, has now recorded 34 million total transactions, showcasing remarkable growth. 

According to Puppyscan, the total number of transactions on the Shibarium testnet has reached 34,103,383, indicating a rapid increase in its utility. Additionally, the number of blocks has risen to 1,938,771, and the total wallet addresses have reached 17,063,326, indicating substantial growth.

Progress of Phase 1 UNoDE Development and Its Importance

Furthermore, Shibarium Builder Unification has shared an important update in its recent report. One notable development is the migration of both OoO and VOR to the Sepolia testnet as Goerli approaches the end of its life this year.

The noteworthy news about Shibarium is the implementation of UNoDE. Unification has made an exciting announcement stating that Phase 1 of UNoDE development is progressing successfully. Ringoshi Toitsu, a developer at Unification, emphasizes the importance of this update, mentioning that Shibarium depends on UNoDE. 

The Unification developer tweeted a quote from the blog post, mentioning that UNoDE will be a fully decentralized, permission-less subscription service using UND for payments. Ringoshi Toitsu also added that “Shibarium relies on UNoDE,”

Unification has hinted at an upcoming exciting development for its validators and partner networks, including Shibarium. The company stated;

We’re working on something that we believe to be quite exciting, particularly for our Validators. We are in discussion with our partners, working out how we can potentially bring new benefits and rewards to joint validators of Unification and our partner networks.

However, Unification clarified that this initiative is still in the early research and development phase. Shibarium is composed of two primary groups: validators, who play a crucial role in sustaining the network, and delegators, individuals who hold BONE and opt to back the network.

Can SHIB reach $0.001 following the launch of Shibarium?

Currently, Shiba Inu is trading at $0.000008338, and to reach the $0.001 mark, it would need to increase by a substantial 13,000 percent. Achieving this milestone shortly after the launch of Shibarium seems challenging. While it is possible for SHIB to remove its fifth ‘zero’ and trade with four ‘zeroes’ on the charts, reaching $0.001 remains highly improbable.

The cryptocurrency markets are in a bearish state, with concerns about a potential recession looming in the second half of the year. Even Bitcoin, the leading cryptocurrency, is struggling to stay above the $30,000 threshold and is slipping towards $29,000 levels. 

Nonetheless, the future price of SHIB relies heavily on the extent of token burns conducted by the Shibarium network. If Shibarium burns trillions of tokens annually, the likelihood of reaching $0.001 could be faster than anticipated.