Shiba Inu surges 36% as South Korean traders fuel mystery rally
The rally has no announcement behind it, other dog tokens haven’t matched it, and Korean venues are carrying the volume.
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Summary
- Shiba Inu jumped about 36 percent to $0.0000057 on Sunday, adding roughly $1 billion in market value in a day without any clear fundamental catalyst.
- The token’s market capitalization is now near $3.4 billion on almost $380 million in daily trading volume, its highest turnover ranking in months.
- South Korean traders on Upbit, where the SHIB/KRW pair accounts for more than a tenth of global volume and trades at a slight premium, appear to be driving the move, while liquidations of short positions followed the rally rather than causing it.
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
