SHIB Market Cap Surges $1B in 24 Hours as South Korean Exchanges Drive Buying

SHIB market capitalization increased by approximately $1 billion within a single day, driven primarily by buying volume from South Korean exchanges, while DOGE and other dog-themed tokens saw modest gains.

Woofun AI data shows that SHIB's market capitalization rose by roughly $1 billion in a 24-hour period, with South Korean exchanges identified as the primary source of purchase volume. In contrast, DOGE appreciated by approximately 6% during the same timeframe, and other dog-themed tokens recorded gains of around 10%, indicating capital concentration specifically in SHIB.

In the derivatives market, approximately 2,300 SHIB positions and 1,000 additional SHIB positions were liquidated, totaling about $6 million. Short positions accounted for roughly $5 million of these liquidations. Analysts suggest that these short squeezes were a consequence of the price appreciation rather than the primary catalyst for the market movement.