This Bullish Shiba Inu Metric Shoots 3,000%, Could It Trigger SHIB Price Rally?

TL;DR

• Shibarium, Shiba Inu’s layer-2 blockchain, has seen a surge in activity with daily new contracts increasing by over 3,000%, indicating significant network growth.
• The network has achieved milestones, such as over 1.5 million total blocks and nearly 1.3 million wallet addresses, suggesting increasing adoption and utility.
• Experts believe that Shibarium’s progress, alongside 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 – keep making the headlines as recently, most of the advancements were 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, whereas the figure has risen to 1,058 the following day.

The L2 scaling solution officially went live at the end of August and smashed multiple milestones since then. For example, the number of total blocks has soared above 1.5 million, while wallet addresses are inching towards 1.3 million.

Those willing to learn more about Shibarium’s purposes and specifics could take a look at the video below:

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.