Shiba Inu jumped nearly 40% to a high of $0.00000582 on Sunday, adding about a billion dollars to its market capitalization in a single day. SHIB is now the 25th largest cryptocurrency with a market capitalization of $3.12 billion.
The rise had no announcement or development to account for it, taking the crypto community by surprise as most digital assets traded down or posted with minimal gains.
Kuro, a prominent SHIB community member from Japan, reacted to the price rise in a recent X post, saying that Shiba Inu is back where it belongs. He highlighted a surge in momentum as SHIB gains attention. “The momentum is building, the world is watching,” Kuro stated, adding that the “Next stop higher.”
Shiba Inu is currently holding the number 1 trending spot on CoinMarketCap. Kuro stated that this means the world’s attention is turning toward SHIB.
SHIB price surge
Shiba Inu saw a massive surge from a low of $0.00000417 on Saturday to $0.00000518, with a breakout past the daily MA 50, which had capped its price since mid-May.
This provided support for the bulls, with the rally extending into Sunday to a high of $0.00000582. Shiba Inu’s 24-hour trading volume has spiked 1,245% to $717 million as traders rushed in to take advantage of the price volatility.
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The exact catalyst for the rise remains unknown as Shibarium stays relatively quiet despite an increase in transactions. The SHIB layer-2 blockchain saw a 152% increase when the daily transaction count rose from 1,100 to 2,780 on July 25.
Memecoins rallied but could not keep up the pace of Shiba Inu’s rise; Dogecoin rose 6% and smaller-cap tokens including Pepe coin increased as much as 10% daily, indicating something specific to SHIB rather than a rotation into memecoins.
South Korean buying stands out. Shiba Inu tops Upbit markets with SHIB/KRW accounting for $68.99 million in volume. South Korean traders are known for driving wild rallies in high-volatility tokens, and the Shiba Inu price gain follows this trend, with an initial push late Saturday, nine hours of consolidation, and a second surge into the Asian morning.
