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Shiba Inu surges 36% to $0.0000057, adding $1 bn market value; Korean Upbit volume fuels move, no clear catalyst.
Shiba Inu surged 36% to $0.0000057 on Sunday, lifting its market cap by roughly $1 billion despite no announced project update or network upgrade【2】. The rally matters because it isolated SHIB from broader memecoin trends and was powered largely by South Korean trading activity, highlighting how regional retail flows can reshape crypto price dynamics.
| At a glance | |
|---|---|
| Price | $0.0000057 |
| 24h % change | +36% |
| Market cap | ~$3.4 bn |
| Catalyst | South Korean Upbit volume (≈$62 m) |
The rally’s backbone was the SHIB/KRW pair on Upbit, which generated about $62 million in volume—over 10% of global SHIB turnover—and traded at a modest premium to dollar‑denominated venues【1】. This premium signals stronger local demand, as traders were willing to pay more than overseas buyers. The price advance began late Saturday, paused for roughly nine hours, then accelerated during the Asian morning session, aligning with peak Korean trading hours【1】. Short‑seller liquidations contributed modestly; roughly $5 million of $6 million total liquidations occurred after the price rise, suggesting short covering followed rather than initiated the move【1】.
Other dog‑themed tokens lagged behind. Dogecoin rose only about 6% in the same period, while smaller memecoins managed gains up to 10%【1】. This disparity indicates the SHIB rally was not part of a sector‑wide shift but a token‑specific event driven by concentrated Korean retail activity and momentum buying. No material update from Shibarium or other project components emerged, reinforcing the view that the price action stemmed from liquidity and sentiment rather than fundamental change【1】.
The episode underscores how a single regional market can spark a sizable price swing in a high‑supply token, even absent any project‑level catalyst. Whether SHIB can sustain its gains will depend on the persistence of Korean retail inflows and broader market sentiment.
Coverage is mostly measured — 176 of 181 reports stay neutral.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jul 29, 2026 · How we report
As of the provided reports, Shiba Inu has a circulating supply of approximately 589 trillion tokens. The project has already burned more than 40% of its initial 1 quadrillion token supply to reduce the total amount in circulation.
Some bullish investors and team members, such as Lucie, have expressed belief in a $0.01 price target for Shiba Inu. However, critics note that this would require a market cap of nearly $5.9 trillion and a massive reduction in the circulating supply to approximately 85 billion tokens.
Shiba Inu is limited by the speed restrictions of the Ethereum blockchain and processes transactions at a slower rate than newer proof-of-stake networks like Solana and Cardano. These newer blockchains are currently attracting developers away from the Ethereum ecosystem.
Shiba Inu utilizes a burn portal on its Shibarium Layer-2 protocol to remove tokens from circulation. Despite these efforts, analysts suggest that reducing the supply to a level that could support a $0.01 price could take more than a million years at the current rate.