Shiba Inu Says Reports of Its Death 'Greatly Exaggerated' as SHIB Explodes 22% in a Week — What's Driving the Surge?

Shiba Inu 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