Popular dog-themed cryptocurrency Shiba Inu SHIB/USD traded higher on Sunday, defying the broader meme coin correction.
What happened: The second-largest meme coin by market capitalization jumped 5.45% over the previous day, with trading volume surging 189% to $341 million in the last 24 hours.
In doing so, SHIB became the most successful large-cap meme coin in the last 24 hours, outperforming Dogecoin DOGE/USD and several others that recorded losses.
The rally followed a massive 62,000% jump in the token’s burn rate, boosted by a meteoric jump in transactions on the ecosystem’s Layer-2 blockchain Shibarium.
Note that a portion of transaction fees paid on Shibarium are set aside and burned. This is done to create scarcity and, over time, increase the token’s market value.
See Also: House Committee Favors Stablecoin Regulation To ‘Strengthen’ Dollar: Majority Whip Says CBDCs Against ‘American Values’
Why It Matters: Widely followed cryptocurrency analyst Javon Marks maintained a $0.000081 price target for SHIB, which represented a 500% upside over the current price.
“As prices continue to hold broken out, and up since showing responsiveness to this breakout, another nearly +500% upside to reach this target could still be well in the works,” the analyst added.
The Momentum indicator, which compares the short-term price and long-term price, flashed a “Buy” signal for SHIB as of this writing, according to TradingView.
Conversely, the Bull Bear Power indicator, which measures the strength of buyers and sellers, signaled “Sell,” indicating that the rally might not be sustained for long.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001351, up 5.79% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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