Shiba Inu’s (SHIB) price has gained 13% over the past month. On-chain data reveals that Shiba Inu has a fair chance to enter a price rally following the recent token burn event, which triggered a boost in Network Activity. 

Shiba Inu announced another 600 million SHIB token burn via Twitter on Tuesday, July 11. On-chain data reveals that both retail market participants and whale investors had taken bullish positions in anticipation of the burn event. 

Shiba Inu Network Activity Is on the Rise

Shiba Inu network usage has been on the rise over the past week. This suggests that retail investors had increased trading activity in anticipation of the recent token burn event. 

The Santiment chart below illustrates how SHIB Daily Active Adressesses increased from 5,009 to 7,401 between July 5 and July 10. 

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Author: Ibrahim Ajibade

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