Upbit Shifts Billions in SHIB Tokens Amid South Korea Price Rally

South Korea's largest crypto exchange, Upbit, moved a massive amount of Shiba Inu (SHIB) tokens between its wallets. The transfer, split into two stages, involved 864 billion SHIB tokens and likely reflects liquidity rebalancing to maintain smooth trading.

The recent price rally, which saw SHIB's value surge by 36%, was driven by strong local demand in South Korea. Upbit's SHIB/KRW pair led global volume and surpassed Binance, underscoring the country's importance in SHIB trading.

The massive transfers suggest that Upbit may be preparing for further market moves, despite the token's price stabilizing after the recent surge.