Shiba Inu, the popular meme coin, is creating anticipation due to recent developments in its Shibarium project. The intrigue has the blockchain community on edge as developers hinted at a major announcement.
According to the Shiba Inu Telegram group administrator, Ragnar Shib, something significant is in development on the Shibarium testnet. Through a message on the X platform (formerly known as Twitter), Ragnar Shib shared a screenshot from the Puppynet blockchain explorer, revealing that transactions on the Shibarium testnet experienced a surprising surge, surpassing 412,000 in a single day.
🚨Important announcement 🚨 pic.twitter.com/Tj6UngUq0J
— RagnarShib.eth (@RagnarShiba) November 24, 2023
A detailed analysis of the data also reveals other significant changes. The number of active accounts jumped from 0 to 360,522 in a single day, indicating sudden intense activity. Interestingly, transaction costs rose to 17.393 BONE, although the “transaction success rate” was 0%, despite the large number of transactions.
What’s the Surprise in Shibarium
This increase in Shibarium testnet activity has sparked speculation in the Shiba Inu community about what could be behind this development. Speculations point towards ShibaSwap 2.0, an upgraded version of the decentralized exchange (DEX) platform. While not officially confirmed, it is rumored to be the real reason behind this sudden surge in testnet activity.
The significance of Shibarium for Shiba Inu is evident in the vision to become a platform beyond a simple decentralized exchange. The promise of ShibaSwap 2.0 as a sophisticated Decentralized Application (Dapp) suggests an expansion beyond the limitations of a conventional exchange.
As for the price of SHIB, according to the latest data provided by CoinMarketCap, at the time of writing, it stands at $0.000008293. This represents an increase of 2.91% in the last 24 hours. On the other hand, its market capitalization grew by 3% and reached $4.89 billion. Finally, its trading volume experienced a slight drop of around 5% and is just under $108 million.
This increase in testnet activity and speculation about ShibaSwap 2.0 have generated excitement among investors, who are eagerly awaiting any official announcements that may follow these events. Soon, we will have answers about what is “cooking” in Shibarium.