Native testnet by Shiba Inu, Puppynet, has recently achieved remarkable milestones. By the end of Q1, the test network successfully processed over 1 million transactions, leveraging the power of over 200,000 unique wallets.
These statistics have seen significant growth. As of press time data obtained from puppyscan.shib.io, the total number of transactions has surpassed the 10 million mark, while the count of wallet addresses has exceeded 15 million. Specifically, on Monday, May 22, the figures stood at 10.61 million transactions and 15.89 million wallet addresses. The average block time, which refers to the time required to create a new block, was also measured at 7.4 seconds. At press time, Puppynet had a total of 933,800 blocks.
Within each block, a range of approximately 11 to 70 transactions has been consistently occurring. Blocks serve as data structures or information containers within a blockchain, and in this context, they permanently store transaction-related data.
The Big Picture
Activity on the Shiba Inu mainnet has recently experienced a downward trend. In the past week, the number of new addresses joining the network has decreased by 8%, while the count of active addresses has dropped by over 15%.
An address is considered active when it directly participates in a successful transaction, while new addresses indicate fresh entrants to the ecosystem. On the most recent day, only 877 new participants joined the Shiba Inu ecosystem, with the number of active addresses totaling 2,650. This ongoing decline is currently discouraging.
The price of SHIB has also been on a downtrend for a considerable period. The daily chart consolidates near the lower end of this downtrend, indicating weakening demand for SHIB. Typically, such a pattern suggests bearish sentiment, and if the price breaks below the lower support level, it implies that the downtrend is likely to persist.
However, SHIB has established a strong support level and has been attempting to surpass the downtrend line. If a breakout occurs, it could favor the bullish side moving forward.t press time, SHIB was trading at $0.00000862, showing a 0.23% increase on the daily chart.