Dogecoin (DOGE) and Shiba Inu (SHIB) Holdings Cross $1.1 Billion on Major South Korean Exchange
Upbit remains one of the largest holders of Dogecoin and Shiba Inu on the market, being the key place where pressure on the prices of those two assets arises. According to Arkham, the South Korean exchange holds $816.81 million worth of DOGE and $284.75 million worth of SHIB, which is around $1.1 billion combined. These are its largest holdings after BTC, ETH and SOL, out of approximately $22.06 billion in total.
Enormous supplies
In coins, that's 11.766 billion DOGE and a whopping 64.134 trillion SHIB. Upbit's Dogecoin balance has been growing for years, and the current reading is essentially the highest on Arkham's chart.
Shiba Inu's numbers are even more interesting. Total SHIB exchange reserves currently sit at around 86 trillion tokens, so Upbit most likely holds about three quarters of all SHIB available on exchanges, if both data sources track the same wallets.
Shiba Inu has been struggling on the market for ages; however, there is finally an exchange outflow of approximately 144 billion SHIB in the last 24 hours. It's a drop in the ocean though: exchange reserves went down by only 0.17%, and around 183 billion SHIB still flowed into exchanges over the same period.
Prices aren't doing well
Prices for both assets aren't doing well, showing a similar continuous bearish dynamic, with Dogecoin slowly tumbling below $0.07. Dogecoin is currently moving around $0.07, slowly losing the threshold, while continuously moving below all major moving averages. It has already lost around 35% from its September peak. Unfortunately, the price is struggling around the bottom and there's a good chance the current period's bottom will be violated. The current price level is the lowest point on the chart in the last year.
SHIB is in the same position, trading at $0.00000443 after breaking below the ascending trendline that supported it since July. The closest support is the July low around $0.0000041, with the moving averages above it aiming downwards.
RSI for both assets is moving around 35, so the market isn't oversold yet. With this much DOGE and SHIB sitting on one exchange, selling from Upbit users could add even more pressure on the price, unfortunately.