It is the last day in July, and Shiba Inu is eyeing its first positive monthly close since April after falling through May and June, up 11% so far this month.
A surprising 40% rally has pushed the dog coin closer to its first positive monthly performance since April, raising hopes of a rebound following months of selling.
Shiba Inu surged nearly 40% last weekend before surrendering part of the gains. Social dominance reached 0.084%, its highest since April 2, as crowd attention surged, while whale activity hit highs last seen since March’s close.
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At the time of writing, SHIB was up 0.73% in the last 24 hours to $0.000004647 and up 12.16% weekly. Following a sharp surge to a high of $0.0000058 on July 28, Shiba Inu gave back its gains, dropping to a low of $0.00000484 on July 28 and then resorted to range trading afterward.
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Shiba Inu has moved sideways in a narrow range between $0.00000454 and $0.00000484 since July 18. While SHIB has retreated since its stunning rally, it is still up 11% in July, helping to shift market sentiment after months of pressure and putting a green monthly candle within reach.
The recent recovery has caused Shiba Inu to attract fresh interest among traders and the broader Shiba Inu community, who are watching whether the momentum can continue.
Shiba Inu burns take off
July was a month of significant burns for Shiba Inu, with 3.25 billion SHIB burned in the last 30 days. The surge in burn activity coincided with Shiba Inu’s rally last weekend, with millions in SHIB sent to dead wallets within the timeframe.
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This momentum seems to be sustained, with 58.67 million SHIB burned in the last 24 hours and the daily burn rate soaring 3,607%, according to the Shibburn website. July saw on-chain holder growth of over 78,000 addresses, bringing the cumulative total to 1,678,280.
Shiba Inu is set to mark its sixth anniversary, having been launched in August 2020 by an anonymous founder who goes by the pseudonym “Ryoshi.”