Last Updated: August 3, 2023
• Shiba Inu (SHIB) saw a 27% increase in burns in July, with over 2 billion tokens being destroyed.
• The SHIB token price has since seen a 6.6% weekly rise and 7.7% gain over the last 14 days, due to a bullish reversal triggered at $0.000008.
• This comes on the back of 3.3 trillion SHIB tokens withdrawn from exchanges, worth around $28 million, likely in anticipation of the upcoming Shibarium Layer-2 launch.
Shiba Inu Burns Spike 27%, Fueling Bullish Reversal
July was an incredibly active month for Shiba Inu (SHIB), with 2.09 billion canine tokens set alight across the community – a substantial increase from previous months’ burns. On July 10th alone, Akai Token destroyed 803 million coins and another mysterious contributor sent 102,600,886 SHIB to the bottomless pit on July 21st.
Bullish Reversal Triggered For SHIB
As a result of these burns, SHIB has been seeing an upward trend since July 27th when it breached the $0.000008 range and triggered a bullish reversal – resulting in 6.6% weekly growth and 7.7% gains within two weeks of that day.
Shibarium Hype Fuels Bullish Reversal
The hype surrounding Shibarium’s Layer-2 launch is also fuelling this bullish reversal; 3.3 trillion SHIB tokens have been withdrawn from centralized crypto exchanges during this month – totalling around $28 million worth of withdrawals – suggesting that holders are anticipating its release soon and moving their funds accordingly.. Additionally, Bone ShibaSwap (BONE), an alternative token to SHIB which will be launching alongside Shibarium Layer-2 has also seen 33% gains in the past week and 62.5% monthly returns so far!
Shyoshi Kusama Drops Big News Of New Token Launch
Finally, veteran crypto trader Shyoshi Kusama recently dropped news that there would be further new token launches going forward as well as other initiatives being put into place to help bolster Shiba Inu’s platform even further – something we can all look forward to!
Overall, it seems like Shiba Inu (SHIB) is heading for some interesting times ahead as more information regarding Shibarium’s Layer-2 launch gets revealed and new initiatives emerge within the platform!