Is Shiba Inu (SHIB) a good buy in July?

As the month of June is already drawing to its conclusion, the price of Shiba Inu (SHIB) has been moving in a slightly capricious manner, and now cryptocurrency traders and investors are trying to gauge whether the meme crypto asset will be a good buy in July.

Timeline of Shiba-inu

The Shiba Inu price showed a remarkable recovery in the third week as it jumped from a $0.00000645 low to $0.000008. However, the aforementioned psychological resistance aligned with a downsloping trendline created a high supply zone.

A content marketing specialist of the Shiba Inu ecosystem, known to the community as @LucieSHIB, has taken to Twitter to remind the SHIB army that a major update from Shytoshi Kusama is coming soon – the "Worldpaper." It is crucial for spreading the word about SHIB and its ecosystem around the crypto space.

The world of cryptocurrencies is dynamic, and Shiba Inu (SHIB) is no exception. According to recent metrics, the In/Out Of Money Around Price (IOMAP) indicator points to a significant level at $0.000008, where approximately 26 trillion SHIB tokens are currently located.

Shiba Inu (SHIB) continued to hold up strong this week after an impressive surge over the past week. At press time, the second-largest meme cryptocurrency by market capitalization was trading at $0.000007862 after surging over 16% in the past seven days.

Unusually disturbing activity has been observed surrounding the on-chain data of the popular cryptocurrency Shiba Inu. Crypto intelligence portal IntoTheBlock has reported concerning behavior among large SHIB holders.

The latest Shiba Inu (SHIB) data indicates a massive surge in the burn rate, showing a 1,619% increase from the previous day's extraordinarily low figures. An impressive 330 million SHIB tokens have been burnt in the last 24 hours.

SHIB Price Analysis: The Shiba Inu price received a massive boast amid the recent recovery in market leaders Bitcoin and Ethereum. This memecoin has been rising for ten consecutive days and recorded 23.55% growth as prices jumped from $0.00000645 support to the current price of $0.00000797.

Shibburn explorer spreads the word about the SHIB burn rate rising again this week. The SHIB army keeps sending large stashes that contain millions of Shiba Inu to dead-end wallets to lock them up there.

In an unexpected development in the cryptocurrency community, Shiba Inu lost its burn Twitter account (Shibburn). The event has attracted attention as the account holders tagged the new Twitter CEO Linda Yaccarino and Elon Musk, asking for a resolution.

A significant surge has been observed in the burn rate of the popular meme-inspired cryptocurrency Shiba Inu ($SHIB), wirth over 341 million tokens being burned in the past 24-hour period, leading to a staggering 6,936% increase in the burn rate.