Upbit Transfers Massive Shiba Inu Stake Amid South Korea's Price Surge

South Korea's largest crypto exchange, Upbit, recently transferred 864 billion Shiba Inu (SHIB) tokens worth around $4 million between its addresses.

The sudden wallet activity occurred after a 36% price surge driven by strong local demand, which has made South Korean retail investors key drivers of SHIB trading.

Data from the Arkham platform shows that the funds were transferred in two stages: 384 billion SHIB was moved from Upbit's hot wallet to related addresses, and then 480 billion tokens were returned to the original address.

The on-chain structure may indicate routine technical liquidity rebalancing, but the timing raises questions about whether the exchange is preparing for another market activity wave with SHIB.