Shiba Inu Rallies 36% Amid Mysterious Surge in South Korean Buying

Shiba Inu's price surged by approximately 36% to $0.0000057 on Sunday, adding around $1 billion in market value over a single day without any clear fundamental catalyst.

The token's market capitalization is now near $3.4 billion on almost $380 million in daily trading volume, its highest turnover ranking in months.

South Korean traders on Upbit appear to be driving the move, with the SHIB/KRW pair accounting for over a tenth of global volume and trading at a slight premium.

The rally was fueled by South Korean buying, which has historically been known to drive exuberant rallies in high-volatility tokens.