According to CryptoPotato, the Shiba Inu team burned nearly 380 million tokens last month as part of its ongoing burning program. This initiative aims to reduce the circulating supply of SHIB tokens, potentially boosting prices if demand remains strong. The burning process involved 178 transactions, with the most significant burns occurring on July 11 and July 22, when over 70 million and 60 million SHIB tokens were destroyed, respectively. Despite these efforts, the USD equivalent of the burned tokens is relatively insignificant, and the burn rate in July represents a 58.5% decrease compared to June. Continuous token burns could positively impact SHIB's price, but this will largely depend on maintaining or increasing demand.

The price of SHIB has recently dropped by 4% over a 24-hour period, currently trading at around $0.00001583, according to CoinGecko. This decline aligns with a broader market downturn, where Bitcoin briefly fell below $64,000 and Ethereum dropped to around $3,100. However, there are indicators that suggest a potential resurgence for Shiba Inu. The Relative Strength Index (RSI), which measures the speed and change of price movements, is currently around 30, indicating that SHIB may be oversold and a correction could be imminent.

Additionally, advancements in the Shibarium network, a layer-2 blockchain solution designed to enhance the Shiba Inu ecosystem, could also contribute to a future SHIB rally. Shibarium aims to lower transaction costs, improve scalability, and increase transaction speed. Recently, the network surpassed a significant milestone, processing over 6 million blocks. These developments could provide the necessary momentum for a SHIB price recovery.