As the recent cryptocurrency bull run fades, Shiba Inu prices have entered a bear market, falling more than 20% from this week’s highest level.

Shiba Inu Shibu -6.35% Shiba Inu is the second largest meme coin in crypto, trading at $0.000024 on Friday, November 15, as most coins fell. Bitcoin Bitcoin -1.14% Bitcoin price remains below $90,000 as the recent bull run stalls.

However, there are signs that SHIB price will rebound and could retest its highest level of $0.00003045 this week. For example, data from Shibburn shows that Shiba Inu’s burn rate has risen by 115% in the past 24 hours.

Over 16.1 million tokens have been destroyed, meaning 410 trillion tokens have been destroyed since inception, bringing the circulating supply to 583 trillion. Token destruction occurs when cryptocurrency is moved to an inaccessible address, reducing the number of tokens in circulation.

Another factor that could drive the price of Shiba Inu up is that the total number of Shibarium addresses has jumped to over 1.89 million. If this trend continues upward, there is a good chance that these addresses could rise to 2 million in the coming months.

Meanwhile, the number of transactions completed on Shibarium has exceeded 509 million in the past few months. This performance is noteworthy because Shibarium is the second-layer blockchain network of Shiba Inu. Part of the fees collected, BONE tokens, are transferred to SHIB and destroyed.

Analysts optimistic about Shiba Inu prices

Cryptocurrency analysts are bullish on SHIB’s price. In an X post, a well-known analyst named SHIB Bezos noted that the coin is about to go parabolic. In his opinion, the coin usually goes parabolic, then consolidates, and then bounces back again. He expects the next parabolic move to push it to a new all-time high.





The daily chart below makes the bullish case even more evident. The Shiba Inu has now formed a golden cross because the 50-day and 200-day moving averages have formed a golden cross pattern. This pattern usually leads to more gains in most periods.


SHIB has also formed a cup with handle pattern and the current retracement belongs to the handle part. This pattern usually leads to a strong bullish breakout most of the time.

In this case, if the price breaks above the upper side of the cup pattern, more upside will be confirmed. If this happens, the coin could rise to its year-to-date high of $0.000045, which is about 90% higher than the current level.