Shiba Inu SHIB/USD Cryptocurrency Price Soars 5.45% Defying Meme Coin Correction

Popular dog-themed cryptocurrency Shiba Inu SHIB/USD traded higher on Sunday, defying the broader meme coin correction.

Popular dog-themed cryptocurrency Shiba Inu (CRYPTO: SHIB) traded higher on Sunday, defying the broader meme coin correction.

What Happened: The second-largest meme coin rose 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 as several other tokens fell.

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.

A portion of transaction fees paid on Shibarium is set aside and burned 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 had a price target of $0.0081 for SHIB, which represents a 500% upside from 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.

$SHIB (Shiba Inu)'s breakout target at the $0.0081 level goes UNCHANGED!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… pic.twitter.com/HpENwKPFfb

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 (NASDAQ:TRDV).

Conversely, the Bull Bear Power indicator, which measures the strength of buyers and sellers, signaled "Sell," suggesting that the rally might not last long.

Price Action: Shiba Inu was trading at $0.00001351, up 5.79% over the last 24 hours, according to Benzinga Pro.