Shiba Inu's Price Surges 36% on South Korean Buying Frenzy

The price of Shiba Inu surged by 36% on Sunday to around $0.0000057, adding roughly $1 billion to its market value in a day.

This sudden jump occurred without any clear fundamental catalyst, but South Korean traders on Upbit appear to be driving the move. The SHIB/KRW pair accounts for over a tenth of global volume and trades at a slight premium on Binance and other dollar venues.

The high trading volume on Sunday was nearly $380 million, its highest turnover ranking in months. This surge in price is specific to Shiba Inu, as smaller-cap tokens moved up to 10% and Dogecoin gained 6% over the same stretch.

Short sellers paid for the jump, with about $6 million in SHIB and 1000SHIB positions liquidated across roughly 2,300 traders. However, these liquidations followed the price up rather than causing it and cannot explain a move this large.