Shiba Inu Monthly Burns Spike 27%, Fueling Bullish Reversal

This positive price shift in bear market conditions is triggered by Shibarium mainnet launch this month.

Pile of Shiba Inus burning in a barren landscape.
Created by Gabor Kovacs from DailyCoin
  • Shibburn breaks the two billion burn barrier for July.
  • Shibarium mainnet is due for launch this month.
  • Pro crypto trader shares bullish reversal trigger.

July was blazing hot for Shiba Inu, with 2.09 billion canine tokens set ablaze across the community. This marks a substantial increase in Shiba Inu’s monthly burns, as the 412 transactions suggest.

The hottest day was July 10th, when community builders Akai Token destroyed 803 million coins in a burning rampage of 102 transactions. Later, In a single transaction, a mysterious contributor sent a colossal 102,600,886 $SHIB tokens to the bottomless pit on July 21st, 2023.

Bullish Reversal Triggered for SHIB

Looking at Shiba Inu’s (SHIB) price movement during the month, $SHIB has been headed for a horizontal range breakout since July 27th, 2023. Professional trader Crypto Rand pointed out the technical charts point to a sensitive range at $0.000008, which triggers a bullish reversal if maintained.

Indeed, the aforementioned fundamental support level has been kept since July 28th, 2023, sparking a 6.6% weekly run for SHIB and 7.7% gains in the last 14 days. Currently, the SHIB Army’s favorite canine coin trades at $0.00000832, according to CoinGecko.

Shiba Inu Steps Up Amid Shibarium Hype

The hype surrounding the Blockchain Futurist Conference will likely trigger a bullish reversal. Veteran crypto trader Ali Martinez highlighted a whopping 3.3 trillion Shiba Inu tokens withdrawn from centralized crypto exchanges over the month.

Totaling around $28 million, the movement signals growing Shibarium Layer-2 expectations among holders. For the same reason, Shiba Inu’s alternative token Bone ShibaSwap (BONE), got a powerful boost with 33% gains in the last seven days, with the monthly perspective looking even better with 62.5% profits. 

Shytoshi Kusama previously dropped the big news of a new token launch along with Shibarium, inviting celebrities to join him in Toronto at the Blockchain Futurist Conference on August 15-16th, 2023. 

Kusama issued a personal invitation to the Canada-loving tech mogul Elon Musk. However, it’s yet to be revealed if the duo are cooking something up. The Head of X, Space X, Tesla, and Neurolink mentioned Shiba Inu in one of his tweets last month and is also a huge fan of the original canine coin, Doge.

On the Flipside

  • Shiba Inu community members argue that an auto-burning mechanism in Shibarium is needed to maintain a stable Shibburn rate.
  • The live on-chain signals indicate a decrease in large transactions and net network growth, despite the heavy outflows of $SHIB on CeFi.

Why This Matters

Cryptocurrency burning is a popular method used by communities to maintain crypto prices.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.