Svmuu News: Shiba Inu (SHIB) rose as much as 36% on Sunday to about $0.0000057, with its market capitalization increasing by approximately $1 billion in a single day to $3.4 billion, despite the absence of any major announcements or project developments.Data shows that the SHIB/KRW trading pair on the South Korean exchange Upbit recorded a trading volume of approximately $62 million, accounting for over 10% of global volume. It also traded at a slight premium compared to USD-denominated markets such as Binance, and is considered the main driver of this rally.
Meanwhile, Dogecoin (DOGE) rose by only about 6% during the same period, while other “Dogecoin” themed tokens saw gains of around 10%, indicating that capital flows were primarily concentrated in SHIB.In the derivatives market, approximately 2,300 traders’ SHIB and 1,000SHIB positions were liquidated during this rally,with total liquidations amounting to approximately $6 million, of which short positions accounted for about $5 million. However, analysts believe that the closing of short positions was largely a result of the price increase rather than a primary driver of this rally. (CoinDesk)