Shiba Inu price is preparing for a massive bullish breakout as its token burn accelerates, the crypto fear and greed index remains in the green zone, and a bullish pattern forms.

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. It has jumped by 142% from its lowest level in August.

SHIB’s rebound occurred as data from Shiburn showed that the number of Shiba Inu tokens burned on Tuesday surged by almost 940% to 3.69 million. This burn brought the total number of burnt SHIB tokens to over 410 trillion, while its circulating supply stood at 583.7 trillion tokens.

Shiba Inu’s token burn involves sending tokens to a wallet without a key, effectively removing them from circulation. These tokens come from its ecosystem networks like Shibarium and ShibaSwap, as well as voluntary contributions by 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 has also driven gains in other meme coins, bringing the total market cap of the meme coin sector to $128 billion. This valuation surpasses that of large companies such as Lockheed Martin, Palo Alto Networks, ADP, and Airbus.

Shiba Inu price has formed a bullish pattern

The outlook for Shiba Inu remains bullish, as the coin has formed a highly bullish pattern on the daily chart. It displays a cup and handle formation, characterized by a rounded bottom followed by a pullback or consolidation near the top.

The coin is in the process of forming the handle section. A break above the upper side 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.

In an unprecedented turn of events, a meme coin trader garnered significant attention, trading the newly launched ELIZA token amid its launch controversy. On-chain data on Tuesday pointed out that a trader made a remarkable $3 million profit with the abovementioned token. Simultaneously, with another trader making massive trades amid the crypto’s recent launch, speculations of the token being controversial surface across the horizon.

Meme Coin Trader Makes $3M With ELIZA, Insider Or Smart Money?

According to data offered by Lookonchain on November 19, a meme coin trader turned $1.9K into $3.67M in just 2 hours, underscoring a staggering 1,925x return. Per the data, the address ExYQ spent 7.84 SOL, worth $1.9K, to buy 89.19 million ELIZA. Thereafter, the trader sold 49.49 million of the same token for 7,091 SOL, worth $1.72 million. Meanwhile, it’s noteworthy that the trader’s remaining holdings totaled 39.7 million coins, worth $1.95 million. Altogether, these trades reflected a remarkable profit-making strategy, garnering significant market attention to the token.

In another similar chronicles, crypto whales took action amid the recent bull market to book massive profits. Notably, a crypto trader turned $33K into $12.2 million in just 24 days by trading the newly launched token ai16z. Moreover, another crypto whale nabbed a $6 million profit with MANTRA (OM). These profit-making strategies sparked significant market discussions amid a bullish crypto market.

On the other hand, another trader was recorded heavily dumping a token, thereafter funding the abovementioned token. As per an X post by the renowned crypto enthusiast Nate Rivers, the wallet address GxkX.. heavily dumped another token with the same name launched via vvaifu.fun platform, thereby funding the newly launched ELIZA. Scoping in on this trade swap, Nate tagged crypto investigator ZachXBT, anticipating a suspicious trade. Notably, the wallet address belongs to ai16zdao’s managing partner, Logan.

What’s The Controversy?

Amid the notable profit booked by the meme coin trader, Shaw, another partner at ai16z, took to X, clearing the air around ELIZA. Shaw stated that the initial launch for the token was planned for last Friday. However, it was rescheduled for Monday. Nevertheless, another token with the same name was launched on the same day by unknown creators. “They contributed to our treasury, and used the vvaifu.fun platform,” Shaw added.

Shaw’s team coordinated with vvaifun-launched token creators so that the newly launched ELIZA token does not face severities. “They were pretty bummed about this, obviously, but agreed to work with us,” Shaw added. These statements offered a clear tint that ai16z was behind the newly launched token, while Logan’s investment swap soaked the coin in controversy.

Shaw concluded by saying, “What would you do? If you worked on a project, planned it, resourced engineers and backers and video production and everything for it, and then someone took the art you made and used it to make a meme coin that everyone thought was yours?” This chronicle has in turn ignited a wave of speculations, especially with shifting investors’ focus towards the leading meme coins.

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Coingape Staff

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