TLDR
- Shiba Inu witnessed an extraordinary 567.83% increase in token burns on Tuesday, removing 4.61 million tokens permanently
- The token’s price jumped 24% in a single trading day, showing strong recovery from early February lows
- A large investor recently accumulated $444,000 worth of SHIB during the current market upswing
- The broader crypto market recovery, with Bitcoin at $100,000, provides additional support for SHIB’s momentum
- Analytics firm CoinCodex projects potential gains of 104%, targeting $0.00003344 in the near term
The cryptocurrency market received notable news as Shiba Inu’s token burning mechanism reached new heights, with the burn rate climbing an impressive 567.83% in a single day. This development marks a key moment for the popular digital asset as it continues its recovery in the early days of February.
According to data released by tracking service Shibburn, February 4 saw the permanent removal of 4.61 million SHIB tokens from circulation. These tokens were transferred to a null address, effectively taking them out of the available supply forever.
The impact of this massive burn event became immediately apparent in the market. SHIB’s price responded with a strong 24% increase, demonstrating the direct relationship between supply reduction and market value. This price movement represents a marked improvement from the token’s recent performance.
Trading activity showed particular strength during this period, with SHIB reaching a daily high of $0.00001691. The token maintained steady support above $0.00001358, indicating robust buyer interest at these levels. Currently, SHIB trades at $0.00001560, representing an 11% gain over the previous day’s values.
Market observers noted increased participation from larger investors, with one whale address acquiring SHIB tokens worth $444,000 during the current upswing. This substantial purchase suggests growing confidence in the token’s prospects among well-capitalized market participants.
The broader cryptocurrency market’s recovery has provided additional support for SHIB’s positive momentum. Bitcoin’s stability around the $100,000 price point has created favorable conditions for alternative cryptocurrencies to flourish.
Looking at historical data, SHIB has shown its capability for substantial price movements during favorable market conditions. The token previously achieved a 280% increase within a single month during March of last year, coinciding with Bitcoin’s halving event.

November’s market action proved equally impressive, as SHIB recorded gains exceeding 200% following major political developments. These historical instances demonstrate the token’s potential for rapid price appreciation during bullish market phases.
The latest burning activity adds to an already impressive month of supply reduction. January saw nearly 1 billion SHIB tokens permanently removed from circulation, bringing the total supply down to 589.25 trillion tokens.
Technical analysis from CoinCodex suggests further upside potential for SHIB. Their projections indicate the possibility of a 104% price increase in the coming week, with a target price of $0.00003344. These forecasts take into account current market conditions and historical price patterns.
Trading volumes have shown particular strength in large transactions, often an indicator of institutional or high-net-worth individual participation in the market. This metric suggests growing interest from sophisticated investors in SHIB’s market dynamics.
The token’s current price action places it above the crucial $0.000015 support level, a price point that traders watch closely for market direction. Maintaining position above this threshold typically signals healthy market conditions.
Previous market cycles have demonstrated SHIB’s ability to deliver substantial returns during periods of increased burning activity. The combination of supply reduction and price appreciation often creates a self-reinforcing cycle of positive market sentiment.
January’s price action saw SHIB reach highs of $0.000022 before experiencing a correction to February lows of $0.000016. The current recovery suggests renewed buyer interest at these price levels.
Recent market data indicates growing momentum in SHIB’s trading activity. Large transaction volumes have increased notably, suggesting accumulation by bigger market participants during the current price recovery phase.
The current market structure, supported by increased burning activity and whale accumulation, positions SHIB for potential further gains. The token continues to maintain its upward trajectory while showing resilience at key support levels.
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