- On Sunday, July 26th, Memcoin Shiba Inu (SHIB) rose 36%.
- The price surge was driven by purchases by South Korean traders.
On Sunday, the Shiba Inu memecoin surged 36% to $0,0000057, increasing its market cap by roughly $1 billion in a single day. There are no clear reasons for this surge.
The token's market capitalization now stands at $3,4 billion with a daily trading volume of nearly $380 million, marking its highest turnover in recent months.
CoinGecko Data
Nothing has happened on the second-layer Shibarium network, and against this calm, purchases by South Korean traders stand out. The SHIB/KRW pair on Upbit is the largest market, with a volume of approximately $62 million, representing more than a tenth of the global volume and a slight premium over Binance and other dollar-denominated exchanges.
Traders from the Asian country often trigger waves of token volatility, and SHIB's rise follows that pattern: an initial spike late Saturday, nine hours of stagnation, and then a second surge during the Asian trading session.
However, this rise was paid for by short sellers. Liquidations amounted to approximately $6 million in SHIB, of which approximately $5 million was accounted for by short positions. The liquidations followed the price rise, not caused it, and at this scale, they cannot explain such a significant move.
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