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Shiba Inu burn surge and July rally put token on track for first positive month since April

Shiba Inu burn surge and July rally put token on track for first positive month since April

Weekly burns reached about 2.98 billion SHIB, with a 24-hour burn-rate jump of more than 3,607% after a one-day price surge of over 35% drove renewed network activity.

ETH
SHIB

Fact Check
The claim is well-supported. The July 31 u.today article and CoinMarketCap both cite 2.98 billion SHIB weekly burns, exactly matching the claim, while the earlier July 30 u.today article (citing Shibburn) reported 2.96 billion — a minor rounding/timing discrepancy from continued burning. The +3,607% 24-hour burn-rate surge is stated verbatim across multiple u.today articles. The one-day/weekend price surge of ~35-37% is confirmed, and the framing of SHIB being on track for its first positive month since April (ending a 2-month losing streak) is directly stated in the u.today rally article. All key quantitative and qualitative elements are corroborated by primary crypto-news sources.
Summary

Shiba Inu was on track for its first positive monthly close since April as July gains reached about 11%, while token burns accelerated sharply. Shibburn data showed about 2.98 billion SHIB burned over the last seven days and roughly 3.25 billion over the last 30 days, with more than 24.38 million SHIB destroyed in the latest 24-hour period as the burn rate jumped over 3,607%. The burn wave intensified after a sharp rally that lifted SHIB by more than 35% in a single day and nearly 40% over the weekend, helping drive heavier trading and unusual network activity. Earlier reports also showed rising whale activity and online attention, with social dominance climbing to 0.084% and whale transactions reaching 52 in a day. One July 27 transaction sent 757,803,141 SHIB worth $4,016.36 to dead wallets, and Woofswap said it burned $15,000 of SHIB on Ethereum and $4,500 on Robinhood. At the time of the earlier reports, SHIB was trading around $0.00000463 to $0.00000465 after pulling back from a July 28 high of $0.0000058, while holder addresses rose by more than 78,000 in July to roughly 1.678 million.

Terms & Concepts
  • token burns: Permanent removal of tokens from circulation, typically by sending them to unusable wallets.
  • dead wallets: Unspendable blockchain addresses used to destroy tokens.
  • social dominance: A measure of how much online discussion an asset commands.