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The removal of 29 million SHIB on January 20, 2026, did not result in an upward price movement primarily because the amount burned is statistically insignificant compared to the massive circulating supply.
While the burn rate surged by 1,200% on that day, several factors suppressed the price:
Insignificant Scale: 29 million tokens represent only 0.0000049% of the 589.24 trillion SHIB currently in circulation. For comparison, burns worth only a few hundred dollars have almost no impact on a multi-billion dollar market cap.
Broader Market Sell-off: On January 21, 2026, the entire crypto market plunged nearly 4%. Bitcoin fell to approximately $89,000, leading to over $1 billion in total liquidations. This "risk-off" sentiment, driven by global trade tensions and rising bond yields, outweighed any positive pressure from token burns.
