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Following
SHIB Shiba Inu rose 11% in July, and whale activity and token destruction hit multi-month highs.
Shiba Inu, a cryptocurrency inspired by Shiba Inu, is expected to achieve a monthly closing gain for the first time since April after a continuous decline in May and June. Since early July, the coin price has risen 11%, indicating a rebound in market interest and optimism.
Strong price fluctuations and social popularity
Last weekend, Shiba Inu currency surged 40%, briefly pushing up prices and then some of the gains fell back. The token hit US$0.000058 on July 28, and then fell back to a low of US$0.0000484 the same day. Since July 18, SHIB has entered a range of fluctuations, fluctuating between US$0.0000454 and US$0.0000484.
Despite the correction, SHIB maintained an 11% gain in July, reversing a downward trend that had lasted for months and attracting widespread attention from the crypto community. The token's social dominance reached 0.084%, the highest level since April 2, reflecting the increased popularity of discussions and trader engagement. The number of whale transactions, or large transactions by large holders, also climbed to its highest level since the end of March.
Shiba Inu Coin resumed its gains this month, stimulating market optimism about recovery. Whale activity and social indicators suggest that market sentiment has shifted after a period of continued selling pressure.
SHIB destruction volume surges and address number increases
This round of rebound coincides with a significant increase in the destruction of Shiba Inu coins. According to data from the Shibburn website, a total of 3.25 billion SHIBs were permanently removed from circulation in July, driven by community-led destruction operations. In the past 24 hours alone, 58.67 million SHIBs were destroyed, raising the daily destruction rate to soar by 3607%.
The surge in destruction activities has been accompanied by increased participation on the chain. In July, the number of SHIB holder addresses increased by more than 78,000, bringing the total to 1.67828 million. This increase reflects the increased participation and long-term interest in the Shiba Inu community.
List of key indicators for July 2024
Price change: up 11%, setting the first rising month since April.
Tokens destroyed: 3.25 billion SHIBs, of which 58.67 million
holder addresses were destroyed in the past 24 hours. Number of addresses: 1.67828 million, and 78,000 new
were added in July. Social dominance: 0.084%, the highest since April 2.
Community Outlook and Anniversary Milestone
Market participants and the Shiba Inu community are paying close attention to whether the recent rally can continue, especially as the token is about to celebrate its sixth anniversary. Shiba Inu Coin was created in August 2020 by anonymous developer Ryoshi.
As SHIB approaches this milestone, technical trends and community activities have become the focus, and the market is looking forward to possible progress or announcements. These factors may affect the future trend of SHIB.
