In a significant shift within the Shiba Inu (SHIB) market, South Korean cryptocurrency exchange Upbit has nearly matched the trading volume of global leader Binance. According to data from CoinGlass, the gap between the two platforms is now a symbolic $110,000, with Binance processing $4.36 million and Upbit handling $4.25 million in SHIB trades.
This development occurs against a backdrop of sharply declining overall market activity. The total trading volume for SHIB has tanked by 35% over the past 24 hours, signaling a pause among large players and a cautious, sell-order dominated sentiment. The price has stalled in a narrow corridor between $0.0000059 and $0.0000060.
The surge on Upbit is attributed to concentrated retail interest from the Asian, specifically South Korean, sector. Analysts note that during periods of low overall volume, activity from local exchanges like Upbit moves into the spotlight. The market has become extremely sensitive, where even a single large trade on Upbit could now move SHIB's price globally.
The situation indicates a potential geographic shift in SHIB's market dynamics. The report suggests the meme coin is no longer a purely "Western" asset, with the center of gravity shifting to Seoul. The "kimchi premium"—the price difference for cryptocurrencies on Korean exchanges—is now seen as a key indicator for where the SHIB market may head in the next 48 hours.
