Upbit matched Binance in daily spot trading volume for Shiba Inu (SHIB), with both exchanges recording $5.29 million for their respective SHIB trading pairs, according to CoinGlass liquidity heat maps. OKX posted $2.63 million and Bybit $1.65 million. The activity coincided with a large local investor accumulating 361 billion SHIB at one address before test transfers to Upbit and Korbit, while Upbit moved billions of SHIB between cold and hot wallets to manage liquidity. The Korean premium index remained between +0.53% and +1.50% during the first half of September, indicating that domestic buyers were paying above global average prices. South Korea's capital controls and restrictions on international arbitrage can allow local buying pressure to produce concentrated trading activity rather than rapid price equalization. Weekly charts comparing SHIB/KRW on Upbit with SHIB/USDT on Binance show similar long-term downtrends from the 2024 highs, but the Korean pair has recorded pronounced volume spikes around local reversals. Upbit's current consolidation is near a historical Volume Profile area with dense trading activity. Despite the parity with Binance, SHIB/KRW ranked only 33rd on Upbit and represented 0.41% of total turnover. XRP led the exchange with $376.4 million in daily volume, followed by Bitcoin at $116.3 million and Ethereum at $88.8 million. The concentrated Korean liquidity highlights isolated local enthusiasm that can still generate price impulses affecting SHIB's global chart.