South Korean buying pressure could push SHIB to a 36% single-day gain, adding roughly $1 billion to its market capitalization.
SHIB rose approximately 36% on Sunday, climbing to $0.0000057, adding around $1 billion to its market cap in a single day. Its current market capitalization stands at roughly $3.4 billion, with 24-hour trading volume near $380 million, and trading activity has hit multi-month highs. There is no clear fundamental catalyst for the rally. Shibarium did not release any related announcements, and other meme coin peers lagged significantly: DOGE rose about 6% over the same period, while smaller-cap meme tokens saw maximum gains of around 10%, indicating capital concentrated in SHIB rather than a broad-based meme coin sector rally. South Korean buying pressure was prominent: Upbit’s SHIB/KRW trading pair recorded around $62 million in turnover, making it the world’s largest single trading market, accounting for over 10% of global volume, with a small price premium over USD-denominated trading venues like Binance. SHIB’s rally began on Saturday evening, consolidated for roughly 9 hours, then saw a second surge during Asian trading hours. During the rally, positions of approximately 2,300 traders in SHIB and 1000SHIB were liquidated, with total liquidations reaching around $6 million, of which roughly $5 million were short positions. However, these liquidations occurred after the price rally and were not large enough to explain the 36% gain.
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BitMart’s platform token BMX plunged more than 53% in 24 hours, after the cryptocurrency exchange announced it would cease operations.
According to Coingecko data, BitMart’s native platform token BMX plunged more than 53% in 24 hours, currently trading at $0.0805 with a market capitalization of $27.2 million. Earlier reports noted that BitMart announced it would orderly cease its trading business. Starting at 09:30 on July 26, BitMart will gradually suspend new user registrations, cryptocurrency and fiat currency deposits; derivative accounts will enter a position-reduction-only mode, and spot trading will stop accepting new orders. Starting at 09:00 on August 26, BitMart will halt all spot, derivative, and other trading services, with the platform scheduled to officially cease operations at 23:59 on January 31, 2027. Notably, before BitMart released its shutdown announcement, BMX faced a sell-off around 19:35 on July 24, falling over 60% in one hour to a low near $0.11. It later rebounded to $0.142, narrowing its 24-hour decline to 53%, with a market cap of approximately $48 million at that time.
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BitMart's Global CEO: Had No Involvement in the Decision to Suspend the Platform's Operations, Learned on July 24 That His Position Would Be Terminated
BitMart Global CEO Nenter Chow released a statement saying he was not involved in, consulted on, or given advance notice of BitMart’s July 26 announcement regarding the orderly suspension of its platform operations—learning of the news only after the announcement went public.
Chow added that on July 24, he was informed the company would terminate his role as Global CEO, triggering separation procedures, though no confirmed final departure date has been set. Since July 24, he has not participated in BitMart’s management, decision-making, or any operational activities.
He noted his current top priority is BitMart’s users and employees, urging users to access account information exclusively via BitMart’s official channels, read official announcements promptly, and take action in line with the provided guidelines. Chow also stated he will not offer further comments on the matter at this time.
7 minutes ago
The founder of MSX has announced his intention to acquire BitMart and has already reached out to the platform.
Crypto trading platform BitMart announced that after evaluating its operational status, market environment and future strategic direction, it has decided to orderly cease its trading business. Shortly after, Bruce, founder of MSX, called out to BitMart, stating, “Don’t shut down—I’ll acquire it.” He added that he has already contacted BitMart’s team. Bruce further said that if he acquires BitMart, his first step will be completing the transfer procedures, followed by slashing all spot and derivatives trading fees to zero, as he believes crypto trading platforms charge excessively high fees.
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South Korea's pension fund has turned to net buying of KOSPI for the first time this year, taking a heavy position in SK Hynix.
South Korean exchange data shows that pension funds, including the National Pension Service (NPS) — one of the largest institutional investors in South Korea's stock market — have turned net buyers in the Korean stock market for the first time this month. As of July 24, the NPS and other pension funds have net purchased 68.4 billion won (approximately $46.8 million) of KOSPI index constituent stocks in July this year. This marks the first monthly net purchase by pension funds this year after six consecutive months of net selling. In terms of individual stocks, SK Hynix is the most bought stock by pension funds since July, with a net purchase amount of 425.8 billion won. (Jinshi)
7 minutes ago
Iran and Oman hold multiple rounds of consultations on the Strait of Hormuz issue.
Iranian Foreign Ministry spokesman Bahaei stated that from the 24th to 25th, Iran and Oman held multiple rounds of deputy foreign minister-level talks in Tehran. On the basis of respecting the sovereign rights of the two coastal states, Iran and Oman, the two sides held in-depth exchanges of views on the common principles and specific operational mechanisms for ensuring safe passage of ships through the Strait of Hormuz. Bahaei noted that the talks were productive and yielded certain progress. The Omani delegation left Tehran on the afternoon of the 25th, but the two sides will continue to maintain consultations at the technical and political levels. In addition, Bahaei said that the current navigation status of ships in the Strait of Hormuz has not changed. (CCTV International News)
7 minutes ago
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