As the broad crypto market continues to face a prolonged downturn, it appears that South Korea's largest cryptocurrency exchange, Upbit, has seized the opportunity to stack up Shiba Inu at lower prices.
Latest data from blockchain intelligence firm Arkham shows that Upbit has recorded a sharp increase in its Shiba Inu holdings as the exchange appears to have continued accumulating the asset.
Upbit’s SHIB holdings hit $284 million
Despite the market’s persistent downturn, Upbit has expanded its Shiba Inu holdings to hit 64.16 trillion Shiba Inu (SHIB) tokens as of November 11, 2026.
At Shiba Inu’s current price, the exchange’s total Shiba Inu holdings are now worth about $284 million, according to data from Arkham Intelligence, positioning the firm as one of Shiba Inu’s largest holders.
Further details showcased on the platform show that the tokens are held in wallets labeled as belonging to Upbit, suggesting continued accumulation.
Recent reports show that an August 2026 audit also confirmed that its SHIB reserves exceeded user liabilities, further indicating its strong exposure to the leading meme token.
Upbit becomes largest SHIB holding entity
Apart from Upbit, the data further shows that other large companies also hold large amounts of SHIB, but Upbit remains the largest SHIB holding entity among them.
Robinhood's largest cold wallet holds about 39.27 trillion SHIB, worth about $174.37 million at SHIB’s current price. This represents about 3.93% of the asset’s supply.
Although Upbit stands as SHIB’s largest holding entity, the data show that the SHIB burn address remains the largest holder, as it contains about 410.44 trillion SHIB, representing about 41.04% of SHIB’s total supply.