Shiba Inu (SHIB), a popular meme cryptocurrency, is showing signs of strong price growth. On November 20, SHIB’s price was $0.000026, recovering from a recent low of $0.0000246. This is a 142% increase compared to its lowest point in August.  

Rising Token Burns  

One reason for SHIB’s recovery is the rapid increase in token burns. On November 19, over 3.69 million SHIB tokens were burned, a 940% jump from earlier days. So far, more than 410 trillion tokens have been permanently removed from circulation, reducing the supply to 583.7 trillion. Fewer tokens in the market create scarcity, which can push prices higher.  

The burns are powered by Shiba Inu’s platforms like Shibarium and ShibaSwap and by community contributions. Burned tokens are sent to wallets that no one can access, ensuring they can’t return to circulation.  

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Improved Market Sentiment  

Investor confidence is also boosting SHIB’s price. The crypto fear and greed index shows a high level of “extreme greed” at 83. 

This positive sentiment often benefits cryptocurrencies, especially meme coins. The total market value of meme coins has now reached $128 billion, higher than major companies like Airbus and Lockheed Martin.  

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Bullish Price Patterns  

Shiba Inu’s price chart shows a “cup-and-handle” pattern, a technical signal that suggests future price increases. If SHIB breaks above the $0.00002933 resistance level, it could rise to $0.000045, a 76% jump from its current price.  

The coin is also trading above its 50-day moving average, and its Market Value to Realized Value (MVRV) ratio is increasing, indicating strong performance. However, if SHIB’s price drops below $0.000020, the positive trend could weaken.  

What’s Next?  

Whale activity—large holders buying SHIB—is another positive sign. These investors have been accumulating SHIB, showing confidence in its future. Analysts believe SHIB could reach $0.00005 by the end of November, representing a 90% increase from its current price.