Arkham Discovers DOGE and SHIB Worth $1.1 Billion on Upbit Wallets

Cryptocurrency addresses associated with the South Korean exchange Upbit hold approximately $1.1 billion in Dogecoin (DOGE) and Shiba Inu (SHIB). This data was revealed on November 10, 2026, by the analytical platform Arkham Intelligence, which tracks blockchain wallets of major cryptocurrency market participants. In terms of value, these two meme coins rank fourth and fifth among assets on the exchange's addresses, following Bitcoin, Ethereum, and Solana.

According to Arkham, Upbit wallets contain approximately 11.766 billion DOGE valued at $816.81 million and 64.134 trillion SHIB valued at $284.75 million. The total valuation of all crypto assets on the identified addresses of the platform is about $22.06 billion. Thus, Dogecoin and Shiba Inu account for approximately 5% of the tracked cryptocurrency portfolio of the exchange.

What Arkham Data Shows About Upbit's Reserves

Arkham associates more than 2.6 million blockchain addresses with Upbit, including hot wallets for daily operations, cold storage, and user deposit addresses. The platform consolidates them into a single exchange profile and evaluates the quantity and current market value of the cryptocurrencies held on them.

However, these figures should not be equated with Upbit's own investments. Most of the funds on centralized trading platforms' addresses belong to clients who use them for storing and trading cryptocurrencies. Additionally, Arkham may not account for certain wallets if their connection to the exchange is not established.

According to the analytical platform, the amount of DOGE on Upbit addresses has significantly increased over the years. The current dollar value of meme coins depends not only on the number of coins but also on their market prices. Even without new transfers, the valuation of assets can change significantly with price increases or decreases.

Can Upbit's Share in Total SHIB Reserves Be Determined

In some market reviews, the total reserves of Shiba Inu on cryptocurrency exchanges are estimated at approximately 86 trillion tokens. This figure is provided in CryptoQuant's analytics, while Arkham attributes over 64 trillion SHIB to Upbit's addresses alone. Direct comparison of these numbers may create the impression that the South Korean platform holds about three-quarters of all exchange reserves of the token.

However, these estimates are based on different accounting methodologies and sets of identified wallets. For example, Glassnode separately tracks significant SHIB balances on addresses of Binance, Coinbase, Robinhood, and other trading platforms. Therefore, Arkham and CryptoQuant data cannot be used for a reliable calculation of Upbit's share without prior alignment of address coverage.

The amount of SHIB on the exchange's wallets alone also does not allow determining what portion of the coins their owners intend to sell. To assess potential market pressure, it is necessary to study token movements between addresses, trading volumes, and the state of exchange orders.

How DOGE and SHIB Prices Change

At the time of the initial market review on November 10, Dogecoin was trading around $0.0693. This is approximately 34% below the September local high of around $0.105. During the decline, the DOGE price also fell to $0.0675, after which it remained in the lower part of the range observed in the summer.

Shiba Inu was around $0.00000443 amid a prolonged weakening of quotes. In technical analysis, attention is paid to the $0.0000041 zone, corresponding to one of the July lows. However, such levels are benchmarks of graphical analysis and do not guarantee the cessation of decline.

The large volumes of DOGE and SHIB on Upbit addresses demonstrate the significance of these assets for the infrastructure of the South Korean exchange. However, current balances do not confirm a massive sale of coins by clients and do not allow determining their impact on the market price. For a more accurate assessment, it is necessary to compare changes in reserves with actual fund flows and trading activity.