Shiba Inu’s layer-2 blockchain, Shibarium, has seen a sharp uptick in activity, with the number of new contracts created every day increasing by more than 3,000%. This increase suggests a significant network expansion. Milestones like over 1.5 million total blocks and about 1.3 million wallet addresses have been reached by the network, indicating more uptake and usefulness.
Experts predict that the SHIB token may see a bull run as a result of Shibarium’s advancement, as well as elements like widespread acceptance, legislative changes, and the coin’s burning programme, which recently removed over 173 million tokens. News has been dominated by developments pertaining to the well-known memecoin Shiba Inu, with the majority of these developments centred around the layer-2 blockchain Shibarium. Shibariumscan reports that the number of daily new contracts on the network has increased by more than 3,000%. In particular, there were 34 of these contracts on November 6; nevertheless, the number increased to 1,058 on November 7.
Since its official launch at the end of August, the L2 scaling solution has met a number of milestones. For instance, wallet addresses are getting close to 1.3 million, yet the total number of blocks has surged past 1.5 million. Many analysts and Shiba Inu representatives have expressed the opinion that the network’s continued development could spark a boom for SHIB. Mass acceptance, lucidity in regulations, technological progress, and the accomplishment of Shiba Inu’s burning program are other elements that could possibly be important. On November 7, the memecoin project experienced a jump in burn rate of 20,000 tokens as more than 173 million were taken out of circulation.