Shiba Inu Burns 28 Million Tokens, Rises 2%: What Is Going On?

Shiba Inu SHIB/USD is trading higher amid a sharp increase in its token burn rate and anticipation surrounding the launch of the TREAT token on Jan. 14.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Shiba Inu SHIB/USD	$0.00002165	$12.8 billion	+2.6%	-7%
Dogecoin DOGE/USD	$0.3337	$49.3 billion	+1.5%	-4.3%
Pepe PEPE/USD	$0.00001772	$7.5 billion	+1.5%	-14%

Trader Notes: Crypto trader Javon Marks observed that Shiba Inu is maintaining its post-breakout momentum, signaling the potential for further gains.

He stated that the slower pace of the current rally might actually support its longevity and scale.

"The sustained momentum suggests this run may not be over yet," Marks tweeted.

Marks identified $0.000081 as the next key resistance level, which would be a 261% gain from current prices.

Surpassing this level could set the stage for a move toward $0.0001553.

Usually, you give dogs treats, but this $SHIB (Shiba Inu) looks like its going to be giving us one as its priced continue to hold significant post-breakout gains in a run that can be far from concluded 🐕!

Still being broken out, the target remains over +261% away at $0.000081… https://t.co/l1fyji0lDb pic.twitter.com/XmlO6wOWv2

— JAVON⚡️MARKS (@JavonTM1) January 9, 2025

Statistics: Shibburn data indicates that in the past 24 hours, 27.99 million SHIB tokens were burned, including a 17.2 million SHIB burn in a single transaction, followed by another 4.6 million burn.

This spike represents a 5,895.9% increase in the burn rate, reducing token supply and boosting scarcity.

According to IntoTheBlock, five wallets control 57% of the total SHIB supply, with one wallet alone holding 41.7%.

Such concentrated holdings amplify the likelihood of market volatility, as significant movements in these wallets could disrupt price stability.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu Down 3.5% In 7 Days: Is This Really ‘Healthy Accumulation’?

Image: Shutterstock