Shiba Inu Price Prediction: SHIB Poised for a Big Move as Burn Rate Soars 940%.$BTC
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Shiba Inu (SHIB) is poised for a major bullish breakout, with the coin burning accelerating, the fear and greed index remaining in the positive zone, and a bullish pattern forming.
Shiba Inu (SHIB), the second-largest meme coin, was trading at $0.000026 on Tuesday, November 19, just above its low of $0.0000246 last Friday. The coin is up 142% from its August low.
On the other hand, this recovery was supported by data from the Shiburn platform, which showed a massive 940% increase in the number of coins burned on Tuesday, reaching 3.69 million.
With this burn, the total coins burned exceeded 410 trillion, while the total circulating supply reached 583.7 trillion coins.
It is worth noting that the process of burning coins means sending the coins to a keyless wallet, which effectively removes them from circulation, as these coins come from networks within its system, such as Shibarium and ShibaSwap, in addition to voluntary contributions from community members.
Shiba Inu is also recovering as the cryptocurrency Fear and Greed Index remains in the extreme greed zone at 83. Altcoins usually perform well when greed levels rise in the market.
This positive momentum has also supported other meme coins, bringing the total market cap of the meme coin sector to $128 billion, surpassing the value of major companies such as Lockheed Martin, Palo Alto Networks, ADP, and Airbus.
Shiba Inu forming a bullish pattern
The outlook for Shiba Inu continues to be bullish, as it has formed a strong bullish pattern on the daily chart, which is a cup and handle pattern, characterized by a rounded bottom followed by a pullback or consolidation near the top.
Currently, the coin is in the process of forming the handle part, and if it manages to break the upper limit of the cup at $0.00002933, it may indicate further gains, targeting its highest level this year at $0.000045, which represents a 76% increase from the current level.
