Shiba Inu: This new update may end the FUD surrounding Shibarium

by Arthur · March 25, 2023

The chain ID of the Shibarium testnet was a source of considerable R&D.
Daily transactions on the test network zoomed to 718 on March 24.

R&D that seized the Shiba Inu [SHIB] ecosystem since the testnet launch of layer-2 blockchain Shibarium, may soon be a thing of the past.

According to the latest update provided by a SHIB influencer, the chain ID of the Shibarium testnet, also called ‘Puppynet’, has been changed. According to a screenshot posted in the same thread, the new chain ID was 719.

Last #Shibarium Update
– new ID chain (so much nonsense for 🤦🏼‍♀️)
– the team is working on updating cranes
– I bet mine $BONE faucet with Kaal as validator… 😂 pic.twitter.com/zVrfpdL3cr

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) March 24, 2023

Read Shiba Inu [SHIB] Price prediction 2023-24

The basis for FUD

The chain ID of the Shibarium testnet became a bone of contention as soon as it was launched. A member of the Shiba Inu discord channel pointed out that Shibarium’s chain ID shared the same ID as the Rinia testnet blockchain.

The member insinuated that Shibarium may have copied the genesis file from the Rinia testnet and renamed it to Shibarium without changing the chain ID.

While Shibarium developers termed this as a coincidence, the revelation caused much furore in the SHIB community and the price of SHIB dropped by more than 8%.

However, after the announcement of a new chain ID, FUD may decrease. And there were strong positive signs from Puppyscan, the Puppynet explorer. The daily transactions on the network zoomed to 718 on March 24, after being stagnant for the past few days.

Source: Puppyscan

Furthermore, the Shibarium team also worked on the faucet update. Faucets are used to obtain the test cryptocurrency needed to interact with the testnet blockchain. The Shibarium faucet will use a BONE token to allow users and developers to perform tests on the network.

Are whales back in business?

Meanwhile, SHIB changed hands at $0.00001055 at the time of writing, down 1.21% on the previous day, per CoinMarketCap.

With clarity about the chain ID in place, large addresses were attracted to SHIB. According to Santiment, the supply of large addresses increased as a percentage of the total supply in the last two days.

How much is 1,10,100 SHIBs worth today?

This may be due to whales accumulating SHIB in large quantities as the number of transactions transferring more than $1 million increased.

Source: Sentiment

Despite the increase in transaction numbers, data from Shibburn revealed that the burn rate dropped by over 92% in the last 24 hours, with just over 1.34 million tokens removed from circulation.