Crypto World
Why is SHIB up 35%? Shiba Inu rockets higher as S.Korean traders lead mystery rally
Shiba Inu rose 36% to about $0.0000057 on Sunday, adding roughly a billion dollars to its market value in a day, with no announcement or development to account for it.
The token now carries a market cap near $3.4 billion on almost $380 million of daily volume, its highest turnover ranking in months.
Nothing has emerged from Shibarium, the network’s layer-2, and the wider dog-token complex has lagged. Dogecoin gained 6% over the same stretch, and smaller-cap tokens moved as much as 10%, which pointed to something specific to SHIB rather than a rotation into memecoins.
South Korean buying stands out. Upbit’s SHIB/KRW pair is the single largest market at about $62 million, over a tenth of global volume, and it prints a slight premium to Binance and the other dollar venues.
The country’s traders are known to drive exuberant rallies in high-volatility tokens, and the token’s climb fits that pattern, with a first push late Saturday, nine flat hours, then a second move through the Asian morning.
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