Shiba Inu Soars on Enormous Token Inflow from South Korean Retail Activity

Shiba Inu's price skyrocketed in recent days due to an enormous inflow of tokens into exchange wallets. Over the past 24 hours, a staggering 2.4 trillion SHIB entered trading platforms, causing the token's value to surge from $0.0000042 to $0.0000054.

However, the data suggests that this influx was not solely due to a single large whale deposit. In fact, while exchanges received approximately 2.399 trillion SHIB, around 2.376 trillion tokens simultaneously left trading platforms, resulting in a net inflow of only about 22.6 billion SHIB.

The strong two-way movement seen in the market indicates that buyers absorbed the available supply and drove the token through its short-term moving averages. The daily chart shows a test of the 200-day average near $0.0000050 after a volume-backed breakout above the 50-day and 100-day averages.

According to market reports, South Korean retail activity was one of the primary catalysts for this surge in demand. A recent report by Crypto Briefing noted that activity on Upbit had become comparable to Binance, attributing a large portion of the rally to unusually high demand from Korean traders and a limited supply of liquid tokens.

Additionally, increased burn activity and a resurgence of interest in Shibarium were also secondary factors contributing to the price increase. However, it is worth noting that a double-digit daily rally cannot be explained by the amount burned alone, as it is still too small compared to the circulating supply.