Shiba Inu rose 36% to around $0.0000057 on Sunday, adding around $1 billion to its market value in one day, without any announcements or developments to account for it.
The token now has a market cap near $3.4 billion on daily volume of nearly $380 million, its highest turnover in months.
Nothing has emerged from Shibarium, Layer 2 of the network, and the broader dog token complex is lagging behind. Dogecoin gained 6% over the same period, and smaller-cap tokens rose as much as 10%, which indicated something specific to SHIB rather than a rotation into memecoins.
South Korean purchases stand out. Upbit’s SHIB/KRW pair is the largest market at around $62 million, more than a tenth of global volume, and represents a slight premium to Binance and other dollar sites.
The country’s traders are known for driving exuberant rallies in high-volatility tokens, and the token’s rise fits this pattern, with an initial surge on Saturday evening, 9 a.m. PT, then a second move in the Asian morning.
