Shiba Inu, the cryptocurrency inspired by the Shiba dog breed, is on track to record its first positive monthly close since April, after enduring declines throughout May and June. The token’s price has risen 11% since the start of July, signaling renewed interest and optimism in the market.
Strong price movement and social buzz
Last weekend, Shiba Inu posted a dramatic 40% rally that briefly pushed the price higher before some gains were surrendered. The coin reached $0.0000058 on July 28, before retracing to a low of $0.00000484 on the same day. Since then, SHIB has entered a period of range trading, fluctuating between $0.00000454 and $0.00000484 from July 18 onward.
Despite the pullback, SHIB remains up 11% for the month of July, reversing a months-long downtrend and capturing attention across crypto communities. Social dominance for the token hit 0.084%, the highest since April 2, reflecting increased buzz and trader engagement. Whale transactions, defined as large trades by major holders, climbed to levels not seen since the end of March.
Shiba Inu’s resurgence this month has fueled optimism for a recovery, with whale activity and social metrics suggesting a shift in sentiment after a period of steady selling pressure.
Spike in SHIB burns and address growth
The recent rally has coincided with a sharp uptick in Shiba Inu token burns. According to data from the Shibburn website, July saw a total of 3.25 billion SHIB permanently removed from circulation, as community-led burn initiatives intensified. Notably, 58.67 million SHIB were burned in the last 24 hours alone, sending the daily burn rate up by 3,607%.
This surge in burn activity accompanies growing on-chain participation. In July, the number of SHIB holders increased by over 78,000 addresses, bringing the total to 1,678,280. This rise reflects growing involvement and long-term interest within the Shiba Inu community.
| Metric | July 2024 | Change/Notable Point |
|---|---|---|
| Price Movement | Up 11% | First positive month since April |
| Tokens Burned | 3.25 billion SHIB | 58.67 million burned in last 24 hours |
| Holder Addresses | 1,678,280 | +78,000 in July |
| Social Dominance | 0.084% | Highest since April 2 |
Community outlook and anniversary milestone
Market participants and the broader Shiba Inu community have been closely monitoring whether the recent momentum can be sustained, especially as the token approaches its sixth anniversary. Shiba Inu was created in August 2020 by an anonymous developer known as Ryoshi.
As SHIB nears this milestone, both technical trends and community activity are under the spotlight in anticipation of potential developments or announcements that could influence SHIB’s future trajectory.
Mini dictionary: Shibburn, an online platform tracking Shiba Inu token burns, compiles data on how many SHIB have been removed from circulation by being sent to inaccessible wallets. This process aims to reduce supply and potentially increase scarcity.
