Shibarium Sees Surge in Activity with Daily New Contracts Increasing by Over 3,000%

According to CryptoPotato, Shibarium, Shiba Inu's layer-2 blockchain, has experienced a significant increase in activity, with daily new contracts rising by over 3,000%. This growth indicates substantial network expansion. The network has reached milestones such as over 1.5 million total blocks and nearly 1.3 million wallet addresses, suggesting increased adoption and utility. Experts believe that Shibarium's progress, along with factors like mass adoption, regulatory developments, and the coin's burning program, which recently eliminated over 173 million tokens, could lead to a bull run for the SHIB token. Developments surrounding the popular memecoin, Shiba Inu, have been making headlines, with most advancements focused on the layer-2 blockchain Shibarium. According to Shibariumscan, daily new contracts on the network have skyrocketed by over 3,000%. Specifically, there were 34 such contracts on November 6, while the figure rose to 1,058 the following day. The L2 scaling solution officially went live at the end of August and has since achieved multiple milestones. For example, the number of total blocks has soared above 1.5 million, while wallet addresses are approaching 1.3 million. Numerous experts and Shiba Inu officials have suggested that the further advancement of the network could propel a bull run for SHIB. Other factors that might also play a role include mass adoption, regulatory clarity, technological innovation, and the successful execution of Shiba Inu's burning program. The memecoin project witnessed a 20,000 burn rate spike on November 7, when more than 173 million tokens were removed from circulation.