Shiba Inu Climbs 2.9%—Could a Breakout Be Coming?

The post Shiba Inu Climbs 2.9%—Could a Breakout Be Coming? appeared first on Coinpedia Fintech News

Shiba Inu (SHIB) is catching everyone’s attention again. Its price has climbed 2.9% in the last 24 hours, and it’s now up an impressive 142% since hitting its August lows. But the big news? SHIB just hit a major token burn milestone. With rising prices and bullish signals, many are wondering—can SHIB go even higher?

Burn Rates and Big Numbers

SHIB’s token burn is on fire, quite literally. Since 2021, more than 410 trillion SHIB tokens have been removed from circulation. Just this Tuesday, the burn rate jumped 940%, destroying 3.69 million SHIB in a single day.

Why does this matter? Burning tokens reduces the supply. A smaller supply often increases demand, which can boost prices over time. Shiba Inu’s marketing lead, Lucie, thanked the community for helping. She highlighted contributions from Shibarium and ShibaSwap, which burned $1.5 million worth of SHIB last year alone.

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Is SHIB About to Break Out?

There’s a lot of buzz around SHIB’s technical patterns. A cup and handle formation on the chart hints at a possible price breakout. Analysts say the next key level is $0.00002933. If SHIB can break past this, it could surge to $0.000045, which is a 76% gain from today’s price.

But it’s not all smooth sailing. While the RSI sits at a healthy 62.41, signaling moderate bullish momentum, the MACD histogram is cooling off. SHIB needs to stay above its $0.000020 support level. A drop below this could ruin the bullish outlook.

What’s Next?

Investors seem optimistic. Over 61% of SHIB holders are in profit, and the Crypto Fear and Greed Index is at 83, showing extreme greed. Meme coins as a whole now have a market cap of $128 billion, which is bigger than companies like Lockheed Martin.

However, SHIB isn’t without challenges. Its trading volume is down 6.13%, and breaking resistance at $0.00002933 won’t be easy. Even so, with strong community support and burning milestones, SHIB could still surprise us.