Shiba Inu's price surged about 36% to $0.0000057, 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.
- South Korean traders on Upbit, where the SHIB/KRW pair accounts for more than a tenth of global volume, appear to be driving the move.
- Liquidations of short positions followed the rally rather than causing it.
SHIB prices are up 35% in the past 24 hours.
Shiba Inu launched in August 2020 as an Ethereum token created by an anonymous developer known as Ryoshi.
