With the broader crypto market facing a prolonged downturn, South Korea’s largest cryptocurrency exchange, Upbit, appears to have taken the opportunity to accumulate Shiba Inu at lower prices.

The latest data from blockchain intelligence firm Arkham shows a sharp rise in Upbit’s Shiba Inu holdings, suggesting the exchange has continued to accumulate the asset.

Upbit’s $SHIB holdings hit $284 million

Despite the market’s persistent downturn, Upbit’s Shiba Inu holdings had grown to 64.16 trillion SHIB tokens as of November 11, 2026.

At Shiba Inu’s current price, Upbit’s holdings are worth about $284 million, according to Arkham Intelligence data, making the exchange one of the token’s largest holders.

Further details on the platform show that the tokens are held in wallets labeled as belonging to Upbit, suggesting ongoing accumulation.

Recent reports say an August 2026 audit also confirmed that Upbit’s $SHIB reserves exceeded its user liabilities, further indicating the exchange’s significant exposure to the leading meme token.

Upbit ranks as the largest $SHIB-holding entity

Other large companies also hold substantial amounts of $SHIB, the data shows, but Upbit remains the largest holding entity among them.

Robinhood’s largest cold wallet holds about 39.27 trillion $SHIB, worth about $174.37 million at the token’s current price. That amounts to about 3.93% of the asset’s supply.

Although Upbit is the largest $SHIB-holding entity, the data shows that the $SHIB burn address is the largest holder overall, containing about 410.44 trillion $SHIB, or about 41.04% of the token’s total supply.