Shiba Inu Price Drops Amid Volatility Surge

Shiba Inu (SHIB) price experienced a significant drop of 9.95% on the day, trading at $0.0000052.

The token is currently below its key moving averages but remains above some medium-term levels.

A sharp influx of capital into SHIB's market cap surged by approximately $1 billion, mainly driven by intensive buying activity from South Korean traders on the Upbit exchange.

This concentrated demand led to a local trading premium and widespread short liquidations, amplifying volatility in the process.

Despite strong buyer momentum, technical indicators point to a bearish outlook below major moving averages, with a predicted range-bound price action between $0.00000481 and $0.00000559 for the next session.