•The Shibarium testnet caused significant FUD as its chain ID was similar to Rinia’s.
•The chain ID was recently changed, and daily transactions on the network have increased to 718.
•Whales are now accumulating SHIB, and the transaction numbers involving more than $1 million have risen.
Shibarium Testnet Causes FUD
The launch of layer-2 blockchain Shibarium’s testnet caused a significant amount of Fear Uncertainty and Doubt (FUD) in the Shiba Inu [SHIB] ecosystem due to its chain ID being similar to another testnet blockchain – Rinia’s.
Chain ID Changed & Transactions Increase
According to an update provided by a SHIB influencer, the chain ID of the Shibarium testnet has been changed from 719. This news brought some relief to the community as daily transactions on the network rose to 718 on 24 March.
Big Addresses Attracted To SHIB
With clarity on chain ID in place, large addresses began buying up SHIB coins – at $0.00001055 at time of writing – with whales amassing SHIB in large quantities as numbers of transactions transferring more than $1 million rose.
Faucet Update In The Works
The Shibarium team is also working on a faucet update for users and developers to access free cryptocurrency tokens needed for interacting with the testnet blockchain. They plan to utilize a BONE token for this purpose.
Conclusion
With the confusion around the chain ID cleared out, it appears that optimism is slowly returning among holders after prices fell by 8% when FUD first gripped them earlier this month. The increasing number of transactions involving more than $1 million suggest that whales are back in business and accumulating SHIB coins which could lead to further price growth over time
