Upbit Matches Binance in SHIB Trading Volume Amid Kimchi Premium
Upbit's trading volume for Shiba Inu (SHIB) in the won market has reached levels comparable to Binance's spot trading volume. On September 16, blockchain media outlet U.Today reported that Upbit's daily turnover in SHIB/KRW was $5.29 million, matching Binance's SHIB trading volume. This surge came alongside domestic fund movements, with a large Korean investor gathering 361.0 billion SHIB in a single address and carrying out test transfers to Upbit and Korbit.
The return of the kimchi premium is also a factor in this spike in trading. In the first half of September, the Korea premium index stayed within a 0.53% to 1.50% range, indicating that South Korean retail investors bought digital assets even at levels above the global average price.
XRP remains the biggest beneficiary asset of domestic retail demand, with daily trading volume of $376.4 million accounting for about one-third of Upbit's total trading. However, the fact that Upbit matched Binance in SHIB alone shows how concentrated South Korean demand is.