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Shiba Inu jumps 36% with no clear catalyst as trading surges
SHIB market cap nears $3.4 billion as daily trading volume approaches $380 million, with liquidations following the rally rather than driving it.
Shiba Inu surged about 36% to roughly $0.0000057 on Sunday, adding around $1 billion in market value in a day without any clear fundamental announcement behind the move, CoinDesk reports.
The token’s market capitalization is now near $3.4 billion, while daily trading volume is close to $380 million, its highest turnover ranking in months.
CoinDesk points to South Korean traders as a key source of the activity, citing Upbit as the largest venue for the SHIB/KRW pair, where the market accounts for more than a tenth of global volume and trades at a slight premium to Binance and other dollar venues.
Short liquidations largely followed the price rise, with CoinDesk noting about $6 million in SHIB and 1,000SHIB positions liquidated across roughly 2,300 traders, including about $5 million of short liquidations, while “nothing has emerged” from Shibarium that could explain the scale of the rally.