Shiba Inu price is preparing for a massive bullish breakout as its token burn accelerates, the Cryptocurrency Fear and Greed Index remains in the green zone, and an uptrend forms .
Shiba InuSHIB), the second largest coin, was trading at $0.000026 on Tuesday, November 19, slightly above last Friday’s low of $0.0000246. It jumped 142% from its August low.
SHIB’s rebound occurred when data from Shiburn showed that the number of Shiba Inu tokens burned on Tuesday jumped nearly 940% to 3.69 million. This burn brought the total number of SHIB tokens burned to over 410 trillion, while its circulating supply stood at 583.7 trillion tokens.
Shiba Inu token burning involves sending tokens to a wallet without a key, thereby removing them from circulation. These tokens come from its ecosystem networks like Shibarium and ShibaSwap, as well as voluntary contributions from community members.
Shiba Inu is also recovering as the crypto fear and greed index remains in the extreme greed zone at 83. Historically, altcoins tend to perform well when there is a heightened sense of greed in the crypto market.
This sentiment also led to gains in other meme coins, bringing the total market capitalization of the meme coin sector to $128 billion. This valuation exceeds that of large companies such as Lockheed Martin, Palo Alto Networks, ADP and Airbus.
Shiba Inu price has formed an uptrend
The outlook for Shiba Inu remains bullish, as the coin has formed a very bullish trend on the daily chart. It features a cup and handle formation, characterized by a rounded bottom followed by shrinkage or consolidation near the top.
The piece is forming the handle section. A break above the upper part of the cup at $0.00002933 could signal further gains, with the next target being the year-to-date high of $0.000045, 76% higher than the current level.
Shiba Inu remains above the 50-day moving average, while the Market Value to Realized Value indicator has climbed above 3. However, a drop below the key support level at 0.000020 $ would invalidate the bullish outlook.