Upbit remains one of the market’s largest holders of Dogecoin and Shiba Inu, making it a key venue where pressure on the prices of both assets can arise. According to Arkham, the South Korean exchange holds $816.81 million worth of $DOGE and $284.75 million worth of $SHIB, or about $1.1 billion combined. These are its largest holdings after BTC, ETH and SOL, among approximately $22.06 billion in total assets.
Enormous supplies
In token terms, that amounts to 11.766 billion $DOGE and a striking 64.134 trillion $SHIB. Upbit’s Dogecoin balance has grown for years, and its current level is essentially the highest shown on Arkham’s chart.
The figures for Shiba Inu are even more notable. Total $SHIB exchange reserves currently stand at around 86 trillion tokens, meaning Upbit likely holds about three-quarters of all $SHIB available on exchanges, assuming both data sources track the same wallets.
Shiba Inu has struggled in the market for a long time. However, exchange outflows have finally reached approximately 144 billion $SHIB over the past 24 hours. That is a drop in the ocean: exchange reserves fell by just 0.17%, while around 183 billion $SHIB still flowed into exchanges over the same period.
Prices aren't doing well
Neither asset is performing well. Both show a similar, persistent bearish pattern, with Dogecoin gradually falling below $0.07. It is currently trading around $0.07, slowly losing that threshold while remaining below all major moving averages. The price has already dropped around 35% from its September peak. It is struggling near the bottom, and there is a good chance the low for the current period will be breached. The current price is the lowest point on the chart in the past year.
$SHIB is in a similar position, trading at $0.00000443 after breaking below the ascending trendline that had supported it since July. Its nearest support is the July low, around $0.0000041, while the moving averages above it are pointing downward.
The RSI for both assets is around 35, so the market is not yet oversold. With so much $DOGE and $SHIB held on a single exchange, selling by Upbit users could put even more pressure on prices.
Source: u.today. Adapted by NBTC.
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