Shiba Inu (SHIB) Price Prepares for a Massive Bullish Breakout as Its Token Burn Accelerates

Shiba Inu (SHIB), second-biggest meme coin, was trading at $0.000026 on Tuesday, Nov. 19, slightly above last Friday's low of $0.0000246.

Shiba Inu (CRYPTO: SHIB) price is preparing for a major bullish breakout as token burning accelerates, the crypto fear and greed index remains in the green zone, and a bullish formation forms.

Shiba Inu (SHIB), the second largest meme coin, was trading at $0.000026 on Tuesday, November 19, just above last Friday's low of $0.0000246. It increased by 2 from its lowest level in August.

Shiba Inu's recovery came as Shiburn data showed that the number of Shiba Inu tokens burned increased by almost �0 on Tuesday, reaching 3.69 million. This burn increased the total number of burned SHIB tokens to over 410 trillion, while its circulating supply was 583.7 trillion tokens.

Shiba Inu's token burn involves sending tokens to a key-free wallet, effectively removing them from circulation. These tokens come from ecosystem networks such as Shibarium and ShibaSwap and through voluntary contributions from community members.

Shiba Inu is also rallying as the crypto fear and greed index remains in extreme greed territory at 83. Historically, altcoins tend to perform well when there is a high level of greed in the crypto market.

This sentiment led to gains in other meme coins, bringing the total market value of the meme coin industry to $128 billion. This valuation exceeds that of major companies such as Lockheed Martin, Palo Alto Networks, ADP and Airbus.

Shiba Inu price has formed a bullish formation

The outlook for Shiba Inu remains bullish as the coin has formed a very bullish formation on the daily chart. It shows a cup and handle formation characterized by a rounded bottom followed by a pullback or consolidation at the top.

The coin is in the process of creating the handle. A breakout from the upper edge of the cup at $0.00002933 could signal further gains, and the next target will be the YTD (year-to-date) high of $0.000045, v higher than the current level.

Shiba Inu remained above the 50-day moving average, while the Market Cap/Realized Value indicator rose above 3. However, a decline below the key $0.000020 support level will invalidate the bullish view.

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