• Shiba Inu saw a 27% increase in monthly burns, reaching 2.09 billion coins burned in July.
• A mysterious contributor sent 102,600,886 $SHIB tokens to the bottomless pit on July 21st,2023.
• The Blockchain Futurist Conference is likely to trigger a bullish reversal with 3.3 trillion Shiba Inu tokens withdrawn from centralized crypto exchanges over the month.
Shiba Inu Burns Spike 27%, Fueling Bullish Reversal
July was blazing hot for Shiba Inu with 2.09 billion canine tokens set ablaze across the community and a substantial increase in monthly burns.
Triggering Bullish Reversal
Professional trader Crypto Rand pointed out that Shiba Inu’s (SHIB) price movement during the month has been headed for a horizontal range breakout since July 27th, 2023 and that technical charts point to a sensitive range at $0.000008 which triggers a bullish reversal if maintained.
Shibarium Mainnet Launch
The Shibarium mainnet is due for launch this month and the hype surrounding it will likely spark further bullish reversals.
Withdrawals From Centralized Exchanges
Veteran crypto trader Ali Martinez highlighted 3.3 trillion SHIB tokens withdrawn from known crypto exchanges over the month worth around $28 million.
Bone ShibaSwap Gains 33%
For the same reason, Bone ShibaSwap (BONE), got a powerful boost with 33% gains in the last seven days and 62.5% profits in monthly perspective.