Shiba Inu Surges 33% as South Korean Trading Volume Skyrockets

Shiba Inu (SHIB) surged by more than 33% in a short period, thanks to strong buying activity on South Korean exchanges. The cryptocurrency's market capitalization jumped by approximately $1 billion.

The strength of the move is backed up by SHIB trading above its short- and medium-term moving averages. However, the long-term trend remains capped by resistance below the 200-day level.

Notably, South Korean exchanges, particularly Upbit, contributed over 10% of global SHIB volume and pushed prices to a premium.

The surge in trading volumes was accompanied by over 69 billion SHIB tokens flowing into exchanges, increasing sell-side pressure. Additionally, $6 million in shorts were liquidated as prices rallied.