Shiba Inu Surges 36% Amid Korean Trading Frenzy

Shiba Inu's price surged by 36% to reach $0.0000057, marking its highest level in over two months and increasing its market cap to around $3.4 billion. This rally was driven primarily by heavy trading on South Korea's Upbit exchange, which accounted for over 10% of global SHIB volume. Additionally, a significant increase in token burn activity reduced supply by more than 3,200% in just 24 hours.

A major SHIB holder reactivated a dormant wallet and purchased 30 billion tokens, indicating renewed confidence in the project. Despite there being no major announcements or developments, these factors combined to push SHIB back into the top 30 cryptocurrencies by market cap.