South Korean Traders Spark Shiba Inu’s Sudden Rise

Market Impact

• Price Surge: Shiba Inu jumped 36 % to $0.0000057 on Sunday.
• Market Cap: Now close to $3.4 billion.
• Daily Volume: Approximately $380 million, the highest in months.

Comparative Meme‑Coin Performance

The spike was unique to Shiba Inu, not a broad meme‑coin rally.

Key Drivers

• South Korean Traders: Main force behind the rally.
• Upbit’s SHIB/KRW pair accounted for ~$62 million in trades, >10 % of global volume.
• Market trades at a slight premium versus Binance and other dollar‑denominated venues.

• Short Sellers: Limited influence.
• ~$6 million in short positions closed by ~2,300 traders post‑surge.
• Liquidations followed the price rise; they did not trigger it.

Background

• Origin: Launched in August 2020 as an Ethereum token by the anonymous developer Ryoshi.
• Initial Positioning: Marketed as a “Dogecoin killer” with no underlying product.
• Recent Developments:
• Introduction of Shibarium, a layer‑2 network.
• Expansion of the token ecosystem.
• Current Reality: Despite these additions, trading remains driven largely by retail sentiment rather than tangible utility.