According to fresh information from Arkham Intelligence, Shiba Inu (SHIB), a well-known meme-based digital currency, has been quite active on Upbit, which is the biggest crypto exchange in South Korea. A sizable quantity of SHIB has been transferred from Upbit’s deposit wallets to its hot wallets in transactions of moderate size.
Upbit is still among the biggest SHIB holders; its 0x02E wallet contains 47.11 trillion SHIB, or $625.7 million, which is equivalent to 4.71% of the meme coin’s total supply. It will be interesting to observe how this second-largest meme coin and the $2 billion South Korean crypto behemoth interact.
Any activity involving South Korea is noteworthy in light of the recent regulatory changes in Asia. Upbit and Bithumb have been charged with collecting fees for token listings. Upbit has refuted these allegations, claiming that it does not impose listing fees and challenging those who make accusations to provide proof.
The atmosphere is still heated, and any new information that comes to light could seriously harm the reputation of the exchange and the larger South Korean crypto sector. This could simply be internal operations within the exchange if Shiba Inu hasn’t made it into the top 20 cryptocurrencies in terms of trading volume on Upbit over the past day. Toncoin (TON) Value Forecast for March 26th
In the meantime, South Korean regulators have declared intentions to prevent access to the websites of cryptocurrency exchanges such as KuCoin, BitMEX, CoinW, Bitunix, and KCEX, citing their operations without a VASP license.
