SHIB Surges 35%, Led by South Korean Traders
The Shiba Inu memecoin has surged by 35% in the past 24 hours, adding approximately $1 billion to its market value. This significant increase has brought SHIB's market capitalization near $3.4 billion and daily trading volume to almost $380 million, marking one of its highest turnover rankings in months.
The rally appears to be driven by South Korean traders on Upbit, where the SHIB/KRW pair accounts for more than a tenth of global volume and trades at a slight premium. This is consistent with previous patterns of exuberant rallies in high-volatility tokens among these traders.
Around $6 million in SHIB and 1000SHIB positions were liquidated across roughly 2,300 traders, but these short sellers paid for the jump rather than causing it. The heaviest hour of liquidations landed squarely on the second leg of the price increase.