‘Momentum Building’: Shiba Inu Veteran Reacts to 40% SHIB Price Surge

Shiba Inu jumped nearly 40% to a high of $0.00000582 on Sunday, adding about a billion dollars to its market capitalization in a single day. SHIB is now the 25th largest cryptocurrency with a market capitalization of $3.12 billion.

The rise had no announcement or development to account for it, taking the crypto community by surprise as most digital assets traded down or posted with minimal gains.

Kuro, a prominent SHIB community member from Japan, reacted to the price rise in a recent X post, saying that Shiba Inu is back where it belongs. He highlighted a surge in momentum as SHIB gains attention. “The momentum is building, the world is watching,” Kuro stated, adding that the “Next stop higher.”

Shiba Inu is currently holding the number 1 trending spot on CoinMarketCap. Kuro stated that this means the world’s attention is turning toward SHIB.

SHIB price surge

Shiba Inu saw a massive surge from a low of $0.00000417 on Saturday to $0.00000518, with a breakout past the daily MA 50, which had capped its price since mid-May.  

This provided support for the bulls, with the rally extending into Sunday to a high of $0.00000582. Shiba Inu’s 24-hour trading volume has spiked 1,245% to $717 million as traders rushed in to take advantage of the price volatility.

The exact catalyst for the rise remains unknown as Shibarium stays relatively quiet despite an increase in transactions. The SHIB layer-2 blockchain saw a 152% increase when the daily transaction count rose from 1,100 to 2,780 on July 25.

Memecoins rallied but could not keep up the pace of Shiba Inu’s rise; Dogecoin rose 6% and smaller-cap tokens including Pepe coin increased as much as 10% daily, indicating something specific to SHIB rather than a rotation into memecoins.

South Korean buying stands out. Shiba Inu tops Upbit markets with SHIB/KRW accounting for $68.99 million in volume. South Korean traders are known for driving wild rallies in high-volatility tokens, and the Shiba Inu price gain follows this trend, with an initial push late Saturday, nine hours of consolidation, and a second surge into the Asian morning.