Shiba Inu surges 36% in mystery rally led by South Korean traders

Jul 26, 2026

The memecoin Shiba Inu (SHIB) surged over 36%, adding nearly $1 billion to its market cap in a rally driven by South Korean traders on the Upbit exchange. The move, which occurred without a fundamental catalyst, was amplified by historically low liquidity on exchanges. The token's supply is highly centralized, with 802 wallets controlling over 94%. The rally liquidated $5 million in shorts and has stalled at a key resistance level.

SHIB rally mechanics

▪The price surge triggered the liquidation of approximately $5 million in short positions.
▪The rally was amplified by low liquidity, as Shiba Inu's reserves on centralized exchanges had dropped to a historical low of about 86.1 trillion SHIB.
▪The rally occurred without any clear fundamental catalyst or major announcement from Shibarium, its layer-2 network.
▪The short liquidations followed the price increase rather than causing it.
▪The Shiba Inu supply is highly centralized, with 802 "whale" wallets controlling 94.71% of all coins while retail holders control less than 2%.
▪Following the price surge, Shiba Inu (SHIB) re-entered the top 25 cryptocurrencies by market capitalization.
▪Shiba Inu (SHIB) surged approximately 36-40% on or around July 26, 2026, reaching a price of about $0.0000057.
▪The rally has stalled near a key resistance level around a $3.4-$3.5 billion market cap, which aligns with the 200-day moving average.
▪The rally added nearly $1 billion to Shiba Inu's market capitalization, bringing its total value to around $3.4 billion.
▪The price increase was primarily driven by high demand from South Korean traders on the Upbit exchange.
▪The SHIB/KRW trading pair on South Korea's Upbit exchange accounted for over a tenth of the global trading volume.
▪During a 24-hour period, exchanges saw gross inflows of 2.4 trillion SHIB, but with simultaneous outflows, the net inflow was only 22.6 billion SHIB.