Shiba Inu (SHIB) Sees Brief Rally on 1,395% Surge in Burn Rate...Stalls Again Due to Selling Pressure

▲ Shiba Inu (SHIB)/ChatGPT generated image

Shiba Inu (SHIB) burn volume exceeded 3.2 billion in July, with the burn rate surging by 1,395%.

According to crypto media outlet CryptoBasic on August 3 (local time), Shibburn reported that 3,248,854,065 SHIB were permanently burned over the past 30 days. The value of the burned tokens at the time was $16,575. The burn rate jumped by 1,395% compared to the previous 30 days.

Burn transactions were concentrated between July 8 and July 25-28. In particular, the increase in burns during the last week of July coincided with a sharp rise in Shiba Inu's price. Shiba Inu surged by approximately 40%, reaching $0.000006 at one point. However, selling pressure subsequently pushed it below $0.000005.

Although the upward trend did not continue until the end of the month, Shiba Inu rose by 12.2% throughout July. This was one of its strongest monthly performances since November 2024. On the first day of August, it continued its July gains, rising by 3.24%.

Shiba Inu celebrated its 6th anniversary on August 1st. Starting as a meme coin in 2020, it has expanded its ecosystem to include decentralized exchanges, non-fungible tokens (NFTs), and the Layer 2 blockchain Shibarium. However, it remains down 94.51% from its all-time high, and the suspension of social media activities by key ecosystem figures and delays in some projects also remain subjects of criticism.

[Article Key Summary]

-Shiba Inu burned 3,248,854,065 SHIB in July, with the burn rate surging by 1,395%.

-During the period of concentrated burn activity, Shiba Inu's price jumped by approximately 40%, and its monthly gain in July was 12.2%.

-Shiba Inu has expanded its ecosystem to celebrate its 6th anniversary, but it remains down 94.51% from its all-time high.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*