SHIB's market capitalization surged by about $1 billion in a single day, and the Korea Exchange became the main source of buying

Comparing news, at the same time, Dogecoin (DOGE) only rose by about 6% during the same period, while other Dogecoin-themed tokens mostly rose by around 10%, indicating that capital flows were mainly concentrated into SHIB.

In the derivatives market, the SHIB and 1,000 SHIB positions of about 2,300 traders were liquidated during this round of growth, with a total settlement of about US$6 million, of which bears accounted for about US$5 million. However, analysts believe that closing short positions is more a result of price increases and is not the main driving factor in this market.