Shiba Inu Surges 40%, Ends Two-Month Losing Streak

Shiba Inu (SHIB) has seen an unexpected surge in price, rising by nearly 40% last weekend before giving back some of its gains. This sudden increase has brought SHIB closer to a positive monthly close since April.

The cryptocurrency's market capitalization has been increasing steadily over the past month, with SHIB currently up 11% for July. Its social dominance reached 0.084%, its highest since April 2, as crowd attention surged.

Whale activity in SHIB also reached highs last seen in March, indicating a growing interest in the cryptocurrency among large investors.

The recent recovery has sparked fresh interest among traders and the broader Shiba Inu community, with many watching to see if this momentum can continue. The burn rate of SHIB has increased significantly, with 58.67 million tokens burned in the last 24 hours alone.