Upbit Matches Binance in Shiba Inu Trading Volume

The Shiba Inu ($SHIB) cryptocurrency has seen a surge in trading activity on South Korea's Upbit exchange, matching the daily spot volume of Binance.

According to CoinGlass' liquidity heat maps, the $5.29 million daily turnover of the $SHIB/KRW pair on Upbit is equal to that of Binance.

The local spike 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.

This rally was fueled by the return of the 'Kimchi Premium', which saw domestic retail investors willing to buy digital assets above their global average price due to strict currency controls and restrictions on capital movement in South Korea.