SHIB investors are looking to make the best of the market rally in July. SHIB itself has been increasing steadily over the past few days. At press time, the price is at $0.00001092 with a 4.1% gain over 24 hours. The upticks can be attributed to a number of announcements on the Shiba Inu network later this year.
Recently, Shiba Inu also hit a $6 billion market cap, closing the gap with big names like Avalanche and Polygon. In fact, a recent report also confirmed an uptick in whale transactions for Shiba Inu. The distribution of supply across addresses shows that many different classes of whales have been accumulating the coin.
Furthermore, SHIB recently made it to the top 500 Ethereum whales in USD terms. Recent accumulation indicates a more widespread distribution of SHIBs in whale classes.
In addition, the largest cryptocurrency exchange in Philippines, Coins.ph, which had planned to list SHIB on July 13 but then delayed, promised that SHIB trading would be launched soon:
There is also a new update on the burning portal from the acclaimed burn tracker portal – Shibburn. The website claims that over 767 million SHIBs have been sent to inactive wallets in the last 24 hours. In the past week alone, 1.2 billion SHIBs were burned in over 104 transactions.
Conclusion
Shiba Inu is aiming at building a solid foundation for a strong rally. Investors will be looking to boost growth during the mini-recovery in July. Several factors on the network have indicated the possibility of SHIB turning back to its peak. Now, only time will tell if it can hit ATH again.
(Reference: ambcrypto)
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