On January 1, SHIB’s burn rate spiked 10,731% in 24 hours, removing 173 million tokens from circulation. A single whale transaction accounted for nearly all of that, wiping out 171.68 million SHIB. The total supply now sits at 585.29 trillion, according to CoinCentral.
Burn activity has long been a community focus, but the scale of this event drew attention across crypto forums and trading desks.
Price Action and Technicals
By January 5, SHIB was trading near $0.0000075–$0.0000077, up about 19% in seven days. Analysts at Benzinga noted the breakout from last year’s descending channel, with upside targets around $0.000032 if momentum holds.
A short‑term move toward $0.0000085 is possible by late January. Traders are watching whether SHIB can sustain above former resistance levels, a key test for confirming trend reversal.
Whale Control and Market Context
Data from Santiment shows the 10 largest SHIB wallets hold 62.65% of the supply, with the largest alone controlling 41%. That concentration keeps price action volatile, as large holders can swing sentiment quickly. SHIB’s rally also coincides with broader meme coin strength: Dogecoin broke resistance at $0.126, while Solana‑based Bonk gained traction. At the same time, new entrants like Patos ($PATOS) are drawing speculative flows with aggressive exchange launches.
Outlook
SHIB’s early‑year surge has energized its community, but sustainability depends on whether retail demand can match whale dominance. With burn activity spiking and technicals flashing bullish signals, January could set the tone for whether Shiba Inu remains a meme coin heavyweight or cedes ground to newer challengers.
