CandleFocus

Shiba Inu price prepares a big move as burn rate surges 940%

Author: Content Editor
The price of Shiba Inu (SHIB) is expected to experience a bullish breakout due to factors such as an increase in token burn, the crypto fear and greed index remaining in the green zone, and the formation of a bullish pattern. SHIB's rebound is attributed to a significant increase in the number of tokens burned, bringing the total to 410 trillion tokens. The burn involves removing tokens from circulation by sending them to a wallet without a key. Additionally, the extreme greed sentiment in the crypto market has driven gains in meme coins, including SHIB. The coin has formed a cup and handle pattern, and a break above the cup's upper side could lead to further gains. However, a drop below the key support level would negate the bullish outlook.

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