Shiba Inu Says Reports of Its Death ‘Greatly Exaggerated’ as SHIB Explodes 22% in a Week — What’s Driving
Shiba Inu (CRYPTO: SHIB) surged to a two-month high on Sunday, sparking a flurry of memes from the cryptocurrency’s official X account about how relevant and promising it still is.
SHIB Gets Back at the Bears
The Shiba Inu account posted a cartoon on X, showing an emboldened Shiba Inu mascot and a terrified brown bear —symbolizing bear markets.
“Reports of $SHIB’s death were greatly exaggerated,” referencing writer Mark Twain’s iconic quote.
SHIB also shared a Forrest Gump running GIF with the caption “Run it back, world,” in reply to a nostalgic post about the memecoin’s past global shilling.
South Korean Trades Driving the Rally?
Optimism returned after the dog-themed cryptocurrency sharply rebounded over the weekend, reaching levels not seen since May 22. More than $500 million worth of SHIB changed hands in the last 24 hours, representing an 18% surge in trading volume.
While most of the gains have been surrendered, the rally lifted the coin’s weekly performance above 22%.
Speculative activity has risen substantially, with open interest in SHIB futures surging 64% in a week, according to Coinglass.
Data from CoinMarketCap indicates that SHIB was actively traded on South Korean platforms, with Upbit recording higher volume than Binance and Coinbase. The SHIB to KRW pair recorded over $46 million in trading volume in the last 24 hours.
Price Action: At the time of writing, SHIB was exchanging hands at $0.000005110, down 4.71% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: DennisF on Shutterstock.com
