Shiba Inu Surges 40% in a Day, Adding $1 Billion to Market Value

Shiba Inu (SHIB) has surged nearly 40 percent in a day, adding about $1 billion to its market value.

The price rise was steep, with SHIB jumping from a low of $0.00000417 last Saturday to a high of $0.00000582 on Sunday, breaking above its 50-day moving average (MA), which had capped the upside since mid-May.

Trading volume also surged, with a 24-hour volume increase of 12.45-fold to $717 million, indicating funds flooding in at once to target sharp price swings.

Kuro, a figure in the Shiba Inu community, said on X that 'Shiba Inu is back where it belongs,' drawing attention again and stating that 'the whole world is watching Shiba Inu.' He added, 'The next destination is higher.'