Yes, time can contract as well. While time dilation refers to the slowing down of time for an object in motion relative to a stationary observer, time contraction refers to the opposite effect—time appearing to speed up for an object in motion.
Time contraction occurs when an object or observer is moving relative to another object or observer at speeds much lower than the speed of light. In this case, observers in a stationary reference frame would perceive time passing more quickly for the moving object.
For example, if a person were traveling in a spaceship at a significant fraction of the speed of light and passed by a stationary observer, the stationary observer would perceive time passing more rapidly for the person in the spaceship. From the perspective of the moving person, they would perceive time passing at a normal rate, but they would observe that time is passing more slowly for the stationary observer.
It's important to note that the effects of time contraction are generally only noticeable at extremely high velocities close to the speed of light. In most everyday situations, the differences in time due to time contraction are negligible and can be ignored. Time dilation, on the other hand, becomes more pronounced at high speeds.