As a well-established Meme coin on Ethereum, Shiba Inu (SHIB) has experienced a small rebound coinciding with Ethereum's tenth anniversary celebration! The market in July was particularly hot, with SHIB's price soaring nearly 50% from June 22 to July 21! This surge was mainly due to increased on-chain activity, renewed interest in Meme coins, and an overall optimistic atmosphere.

Interestingly, whales (those large holders) went on a buying spree during this period! According to data from the blockchain analytics platform Nansen, the number of large wallets holding over $1 million in SHIB increased by 4% within a month. This influx of large capital directly pushed up the price. As of now, these big holders collectively hold over 109.6 billion SHIB, providing a solid support for the price increase.

On July 22, SHIB reached the peak of this market surge, hitting a high of $0.00001597. However, the good times didn’t last long; as market enthusiasm gradually waned, the overall atmosphere for Meme coins cooled down, and the price of Shiba Inu also retraced, now around $0.00001313, down 16% from its peak.

In summary, the fluctuations in SHIB’s price were primarily driven by large holder capital and market sentiment changes. Friends who want to keep up should pay attention to whale movements and overall market changes, stay steady, and avoid impulsive actions!