Shiba Inu Surges $1 Billion on South Korean Investor Frenzy

Shiba Inu (SHIB) surprised investors with a sharp rally in market value, adding $1 billion to its capitalization over 24 hours without any significant announcements or updates. The price of SHIB rose by 36% during this period, reaching approximately $0.0000057 on Sunday.

This unexpected surge occurred despite the lack of new developments from the project's Layer-2 network, Shibarium. In fact, Dogecoin (DOGE), another popular meme coin, only gained 6% during the same time frame, while SHIB decoupled from its competitors under the influence of South Korean investors.

South Korean investors played a significant role in this rally, with the SHIB/KRW pair on Upbit accounting for over one-tenth of the global market volume. The prices on this exchange traded at a premium compared to platforms like Binance. This movement left those betting on a price drop in a difficult position, leading to a short squeeze effect that supported the price.