Shiba Inu (SHIB) climbed about 36% on Sunday to $0.0000057, adding roughly $1 billion in market value and bringing its total market capitalization to about $3.4 billion, according to BlockBeats. The token’s 24-hour trading volume approached $380 million, with activity rising to the highest level seen in months.
No clear fundamental catalyst was identified behind the move. Shibarium did not release any related announcement, and other dog-themed tokens lagged well behind SHIB during the same period. DOGE rose about 6%, while smaller peers posted gains of up to around 10%, pointing to flows concentrated in SHIB rather than a broad rally across the meme coin sector.
Trading data showed a notable concentration of buying from South Korea. On Upbit, the SHIB/KRW pair recorded about $62 million in turnover, making it the largest single market globally and accounting for more than 10% of worldwide volume. The pair also traded at a slight premium to dollar-denominated venues such as Binance. Liquidations followed the move higher, with about 2,300 traders cleared out across SHIB and 1000SHIB positions for roughly $6 million, most of it from shorts.
SHIB rose about 36% on Sunday to $0.0000057, lifting its market capitalization by roughly $1 billion to around $3.4 billion, according to BlockBeats. The token’s 24-hour trading volume came close to $380 million, and trading activity reached a multi-month high.
There was no clear fundamental trigger behind the rally. Shibarium did not issue any related announcement, and other dog-themed coins trailed SHIB by a wide margin. During the same period, DOGE gained about 6%, while smaller tokens in the category rose by as much as roughly 10%. That suggests capital was focused on SHIB rather than flowing into the meme coin segment as a whole.
South Korean buying stood out
Market data pointed to strong buying interest from South Korea. On Upbit, the SHIB/KRW pair posted about $62 million in turnover, making it the largest single trading market globally and accounting for more than 10% of total worldwide volume. The pair also traded at a slight premium to dollar-based markets such as Binance.
The advance came in two legs
SHIB started moving higher on Saturday night. After trading sideways for about nine hours, it entered a second leg up during the Asian morning session.
Liquidations came after the price move
During the rally, positions in SHIB and 1000SHIB held by about 2,300 traders were liquidated, with total liquidations reaching around $6 million. About $5 million of that came from short positions. Even so, the liquidations took place after the price had already moved higher, and the scale was not large enough to explain the full 36% jump.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
