Bet On Crypto

Trading Volumes Of Dogecoin And XRP Outpace Bitcoin In South Korea

This week, South Korean cryptocurrency exchanges saw far more trading activity in XRP and dogecoin (DOGE) than in bitcoin (BTC). This flurry may have contributed to the price increases of the two currencies in the wild market.

According to CoinGecko data, over the last day, XRP and DOGE have combined to account for up to 30% of trade volumes on Upbit, the largest exchange in the nation, and close to 20% on Bithumb. That shows a short-term demand for the tokens in the nation and is abnormally higher than the typical leader Bitcoin price.

However, wash trading—where automated algorithms trade a token repeatedly to create the appearance of a heavily traded market—could be partially responsible for these volumes.

According to the data, Upbit had the highest XRP volumes in dollar terms on all international exchanges, including Binance and Coinbase, during the previous day. The current currency rates were used to convert these trades from Korean won to US dollars.

On international exchanges, however, DOGE trading volumes are dominated by Binance and Coinbase.

As Bitcoin reached new all-time highs in recent weeks, the two majors with the highest performances were XRP and DOGE. According to data, both tokens have increased by over 100% over the last 14 days, and their futures products have reached all-time highs.

South Korean traders are well-known in the cryptocurrency community for promoting euphoric rallies on tokens, which may influence prices and increase purchasing pressure.

Gains in XRP began last week as the changing regulatory environment in the United States encouraged the expansion of tokens associated with businesses that were hindered by the activities of the Securities and Exchange Commission (SEC) (XRP is closely tied to Ripple Labs).

Following the Republican victory in the U.S. elections and a fresh marketing campaign by tech tycoon Elon Musk, who was chosen to head the proposed Department of Government Efficiency (D.O.G.E.) non-governmental organization under Trump administration, DOGE has risen.

As of Wednesday afternoon in Asia, XRP trades at slightly more than $1, while DOGE costs less than 40 cents.

Yana is a writer specializing in the latest crypto trends and news. She consistently shares fresh, useful, and interesting information. Her content is known for its clarity and accessibility. Yana simplifies complex crypto topics, making them accessible to everyone through her articles, blog posts, and newsletters.