Shiba Inu (SHIB) experienced a dramatic 40% surge on Sunday, reaching a high of $0.00000582 and adding approximately one billion dollars to its market capitalization. The rally propelled SHIB to the 25th spot among cryptocurrencies by market cap, now standing at $3.12 billion.
The abrupt rise caught the crypto community off guard, as there was no significant announcement or development to justify the move. Most digital assets traded in the red or posted minimal gains, making SHIB's performance stand out.
Kuro, a prominent Japanese SHIB community member, reacted to the price explosion in a post on X, enthusiastically stating that Shiba Inu "is back where it belongs." He highlighted the growing momentum, saying, "The momentum is building. The world is watching. Next stop... higher." SHIB also claimed the number one trending spot on CoinMarketCap, further signaling increased global attention.
The price action saw SHIB climb from a low of $0.00000417 on Saturday to $0.00000518, breaking past the daily 50-day moving average, which had capped its price since mid-May. This breakout provided bullish support, extending the rally into Sunday's high. The 24-hour trading volume skyrocketed by 1,245% to $717 million as traders rushed in.
While the exact catalyst remains unclear, on-chain data points to a few notable factors. The Shibarium layer-2 network saw a 152% increase in daily transactions, rising from 1,100 to 2,780 on July 25. Additionally, South Korean traders appeared to be a driving force, with SHIB/KRW on the Upbit exchange accounting for $68.99 million in volume. Historically, South Korean traders have triggered wild rallies in high-volatility tokens. The buying pattern showed an initial push late Saturday, a nine-hour consolidation, and a second surge into the Asian morning.
Other memecoins also rallied but failed to match SHIB's pace: Dogecoin rose 6%, and Pepe coin gained up to 10%, underscoring that the movement was largely specific to Shiba Inu.
