Shiba Inu (SHIB) is on track to end July with an 11% gain, potentially breaking a two-month losing streak that saw declines in May and June. A surprise 40% rally last weekend pushed the token to $0.0000058 before giving back some gains, with SHIB now trading around $0.000004647, up over 12% weekly.
The surge reinvigorated market interest: social dominance reached 0.084%, its highest since early April, and whale activity hit levels not seen since March. This is accompanied by a sharp increase in token burns—3.25 billion SHIB were destroyed in the past 30 days, and the daily burn rate spiked 3,607% in the last 24 hours, with over 58 million SHIB sent to dead wallets.
On-chain data also shows strong holder growth, with more than 78,000 new addresses joining the network in July, bringing the total to nearly 1.68 million. As Shiba Inu approaches its sixth anniversary in August, the combination of rising social traction, heightened burn activity, and renewed buying pressure could signal a sentiment shift after months of selling.
