Upbit holds about $1.1 billion in DOGE and SHIB across 13 chains

South Korea’s largest crypto exchange is holding a very large bag of dog-themed tokens. According to on-chain analytics from Arkham Intelligence, Upbit holds approximately $1.1 billion in Dogecoin (DOGE) and Shiba Inu (SHIB) combined.

The holdings sit in wallets labeled as belonging to the exchange. They are spread across 13 different networks, a setup that appears designed to keep liquidity flowing for local traders as market conditions shift.

The breakdown: mostly dog, also dog

Dogecoin makes up the larger slice of the pile. Arkham’s data shows Upbit holding about 11.77 billion DOGE, valued at around $839 million.

Shiba Inu fills out the rest. The exchange holds roughly 64.16 trillion SHIB, worth approximately $287 million.

Those valuations reflect prices as of late 2026.

Shuffling the deck, and showing the receipts

Upbit has not just been sitting on its SHIB. In July 2026, the exchange carried out an internal rebalancing that moved 864 billion SHIB, a step aimed at improving liquidity.

That move came after a 36% price surge that was attributed to localized buying pressure.

An internal rebalancing simply means moving tokens between the exchange’s own wallets. Nobody bought anything and nobody sold anything. The coins just changed rooms in the same house.

The following month brought a check on the house itself. An independent audit released by Upbit in August 2026 confirmed that its reserves exceeded user liabilities for both DOGE and SHIB.

Then came a competitive milestone. By mid-September 2026, Upbit’s SHIB/KRW trading pair matched Binance’s daily trading volume of $5.29 million.

That parity was tied to whale accumulation and prevailing price premiums in the local market.

What this means for traders and exchange watchers

For anyone tracking on-chain flows, the July rebalancing offers a useful lesson. A transfer of 864 billion SHIB out of an exchange wallet could easily look like a massive dump to a casual observer.

It was nothing of the sort. Because Upbit’s wallets are labeled, analysts can tell the difference between an exchange reorganizing its own inventory and a genuine sell-off.

Scale offers another useful frame. The September volume parity at $5.29 million per day is a meaningful competitive marker, yet it is a small figure next to the roughly $287 million in SHIB Upbit holds.

The August audit is the piece most likely to reassure customers. Confirming that reserves exceed user liabilities addresses the core fear every exchange user carries, which is that the coins might not be there when they ask for them back.

Still, any audit is a snapshot of a single moment. Holdings change as users deposit, withdraw, and trade, so the confirmation is strongest on the day it was issued.