SHIB Surges 36% as South Korean Capital Adds $1B Market Cap

SHIB price jumped 36% to $0.0000057, adding $1B market cap. Upbit KRW pair volume hit $62M with a premium, driving the rally despite no project news.

Woofun AI reports that Shiba Inu (SHIB) appreciated by 36% on Sunday, reaching a price of approximately $0.0000057 per token. This movement expanded its market capitalization by roughly $1 billion to $3.4 billion within a single day, occurring without significant project announcements or developments.

Data indicates that the SHIB/KRW trading pair on Upbit generated around $62 million in volume, representing over 10% of global turnover. This pair traded at a slight premium compared to dollar-denominated markets like Binance, identified as the primary catalyst for the price increase. While Dogecoin (DOGE) rose only 6%, other meme tokens gained about 10%, suggesting targeted capital inflow into SHIB. In derivatives, approximately 2,300 traders faced liquidations totaling $6 million, with short positions accounting for $5 million. Analysts view these short squeezes as a consequence of the price rise rather than a primary driver.