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July may have been hot enough for Shiba Inu. According to the latest data, the Shiba Inu community burned 2.09 billion SHIB tokens in July. According to a tweet from Shibburn, there was a significant increase in the monthly token burn count with 412 transactions this month. Shiba Inu investors eagerly await the developments at the Shibarium Layer-2 and Blockchain Futurist Conference, and have made significant profits from their SHIB and BONE investments in the last month.
SHIB Experiences Its Hottest Days
July 10th marked the hottest day for Shiba Inu. On this day, Akai Token, one of the community founders, sent 803 million SHIB tokens to burn addresses through a token burn event consisting of 102 transactions. Later, a mysterious SHIB whale sent 102 million SHIB tokens to a burn address in a single transaction on July 21, 2023.
Looking at Shiba Inu’s price movement throughout July, SHIB has been leaning towards breaking a horizontal support since July 27, 2023. Famous trader Crypto Rand mentioned in a tweet that technical charts indicate a sensitive range of $0.000008 and maintaining this range could trigger a reversal of the uptrend.
Shibarium Excitement Reflects on Price
The excitement surrounding the Blockchain Futurist Conference could potentially trigger a reversal of the uptrend. Experienced crypto investor Ali Martinez highlighted the withdrawal of 3.3 trillion Shiba Inu tokens from centralized crypto exchanges throughout the month in a tweet.
This movement, worth approximately $28 million, signals increasing expectations for Shibarium Layer-2. Similarly, Shiba Inu’s alternative token, BONE, gained strong support with a 33% increase in the past seven days and ended the month with a 62.5% profit.
Shytoshi Kusama previously announced the launch of a new token alongside Shibarium and invited everyone to join him in Toronto at the Blockchain Futurist Conference on August 15-16, 2023.
