SHIB's market value surged by about 1 billion dollars in a single day, with South Korean exchanges becoming the main source of buying

Meanwhile, Dogecoin (DOGE) only rose about 6% during the same period, while other dog-themed tokens saw increases of around 10%, indicating that funds were mainly concentrated in SHIB.

In the derivatives market, during this round of increases, approximately 2,300 traders' SHIB positions and 1,000 SHIB positions were liquidated, with a total liquidation amount of about 6 million dollars, of which short positions accounted for about 5 million dollars. However, analysts believe that the short position liquidations were more a result of the price increase rather than the main driving factor of this market trend.