Upbit Matches Binance in SHIB Trading Volume Amid Korean Demand Surge
South Korea's Upbit exchange has matched Binance in spot trading volume for Shiba Inu (SHIB) according to CoinGlass' liquidity heat maps. The daily turnover of the SHIB/KRW pair on Upbit was $5.29 million, exactly matching the amount recorded on Binance.
The other international platforms are trailing behind: OKX's daily volume was $2.63 million and Bybit's reached $1.65 million. This surge in activity coincided with major movements of capital within the market, including a large Korean player accumulating 361 billion SHIB at a single address before making test transfers to Upbit and Korbit.
At the same time, Upbit itself conducted a series of large internal transactions, redistributing billions of SHIB between cold and hot wallets to maintain liquidity. The foundation for this rally was the return of the famous 'Kimchi Premium.'