Korean Buying Pressure Drives SHIB Daily Surge of 36%, Adding Around $1 Billion to Market Cap

BlockBeats News, July 26th. On Sunday, SHIB surged by about 36% to $0.0000057, with a daily market cap increase of around $1 billion. The current market cap is approximately $3.4 billion, with a 24-hour trading volume close to $380 million, and trading activity has risen to a multi-month high.

This surge was not accompanied by any clear fundamental catalyst. Shibarium did not release any related announcements, and other meme coins performed notably worse. During the same period, DOGE rose by about 6%, while similar tokens with smaller market caps saw the highest increase of about 10%, indicating that funds were more concentrated in SHIB rather than a general meme coin sector rally.

The buying pressure in the Korean market was prominent. The SHIB/KRW trading pair on Upbit had a trading volume of approximately $62 million, making it the world's largest single trading market, accounting for over 10% of global trading volume. Additionally, there was a slight premium in price compared to USD trading markets like Binance. SHIB started to surge on Saturday evening, consolidated for about 9 hours, and then saw a second round of upward movement during the Asian morning session.

During the surge, the positions of around 2,300 SHIB traders and 1,000 1000SHIB traders were liquidated, with a total liquidation value of approximately $6 million, of which about $5 million were from short positions. However, these liquidations occurred after the price increase and the scale was not sufficient to explain the 36% surge in this round.