South Korean Traders Drive Shiba Inu’s 36% Surge

Shiba Inu (SHIB), launched in 2020 as a dog-themed memecoin, has expanded its ecosystem with the Shibarium layer-2 network but remains driven largely by retail sentiment and liquidity. The latest jump matters because it came without a project announcement or a clear fundamental catalyst, while Dogecoin and other meme tokens posted much smaller gains. The divergence highlights how concentrated regional demand, particularly from South Korea, can rapidly amplify prices and reversal risks in thin, speculative markets.

On July 26, 2026, SHIB jumped about 36% to $0.0000057, adding roughly $1 billion in market value and lifting its capitalization to about $3.4 billion as trading volume reached a multi-month high. Upbit’s SHIB/KRW pair generated around $62 million, more than 10% of global turnover, and traded at a slight premium to dollar markets. About 2,300 traders were liquidated for $6 million, including $5 million in shorts; the liquidations followed the rally rather than triggered it.