Shiba Inu rose to $0.000020 during this period, an 82% increase from its August low. This allowed Shiba Inu to solidify its place among the biggest meme coins.

The main factor behind this price increase was the change in risk-taking sentiment among investors after Donald Trump won the US presidential election. Trump’s election victory has raised expectations for friendlier regulations for the future of the crypto industry.

Investors hope that they will have more confidence in the cryptocurrency markets with new regulations under Trump’s administration. This played an effective role in the appreciation of meme coins such as Shiba Inu.

Another important factor in the increase in the price of Shiba Inu was the strong increase in the token burning rate. According to Shibburn data, the number of tokens burned on November 6 reached 53,312, an increase of 3,674% compared to previous rates.

Token burning generally aims to increase the value of a coin by limiting its supply. The supply of Shiba Inu has decreased to 583 trillion tokens after burning 410 trillion tokens from the initial offering. This led to a decrease in the amount of the token in circulation, creating an effect that increased its value.

Despite the increase in Shiba Inu cremation, transaction volume and fees on the Shibarium platform have been observed to decrease. According to ShibariumScan data, the average transaction fee decreased to 0.00002 BONE, while total transaction fees decreased to 32 BONE.

However, some BONEs collected on Shibarium were converted into Shiba Inu tokens and burned, further limiting the supply.

SHIB’s futures open positions increased significantly. As of November 6, SHIB’s futures open interest increased to $51.1 million, the highest level since October 30. This shows that demand for Shiba Inu is increasing and investor interest in this meme coin is strong.

Technical analysis indicators indicate that SHIB’s price has further upside potential. SHIB’s price remains above a rising trend line connecting the lows since September 5.

The most striking development is that Shiba Inu creates a golden cross formation. A convergence of the 50-day and 200-day exponential moving averages means the price could potentially rise further. This formation is often considered a harbinger of major rallies in cryptocurrencies.

Shiba Inu formed a golden cross pattern in October last year, which caused the coin’s price to reach a yearly peak. If SHIB breaks the resistance level at $0.000021, the price is expected to rise as high as $0.00002940, implying a 54% gain from the current level.

However, if the price of SHIB falls below the $0.000015 level, then the bullish expectation may be invalidated and selling pressure may increase. This is an important level of risk for investors to be aware of.