SHIB Market Cap Surges Approximately $1 Billion in Single Day, Korean Exchanges Emerge as Major Source of Buying Pressure
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SHIB Market Cap Surges Approximately $1 Billion in Single Day, Korean Exchanges Emerge as Major Source of Buying Pressure
Meanwhile, Dogecoin (DOGE) rose only about 6% during the same period, while other dog-themed tokens increased by around 10%, indicating that capital was primarily concentrated into SHIB. In the derivatives market, during this rally, positions of about 2,300 traders in SHIB and 1000SHIB were liquidated, with a total liquidation value of about $6 million, of which short positions accounted for about $5 million, but analysis suggests that short covering was more a result of the price increase rather than the main driving factor of this market movement.
Navigating Web3 tides with focused insightsTechFlow reports, July 26, according to CoinDesk, Shiba Inu (SHIB) surged 36% to approximately $0.0000057 on Sunday, with its market cap increasing by about $1 billion to $3.4 billion in a single day, but there were no major announcements or project developments in the market. Data shows that the trading volume of the SHIB/KRW pair on South Korean exchange Upbit was about $62 million, accounting for over 10% of global trading volume, and traded at a slight premium compared to USD trading markets such as Binance, which is considered the main driving force behind this rise.
Meanwhile, Dogecoin (DOGE) rose only about 6% during the same period, while other dog-themed tokens mostly gained around 10%, indicating that funds mainly flowed into SHIB. In terms of the derivatives market, during this rally, positions of about 2,300 traders in SHIB and 1000SHIB were liquidated, with a total liquidation value of about $6 million, of which shorts accounted for about $5 million; however, analysis suggests that short liquidations were more a result of the price increase rather than the main driving factor of this market movement.
