XRP and SHIB Dominate Trading Volumes on South Korean Crypto Exchange Upbit

According to data provided by CoinMarketCap, XRP is the most traded cryptocurrency on Upbit, the leading South Korean cryptocurrency exchange.

CoinMarketCap data shows that XRP is the most traded cryptocurrency on Upbit, South Korea's largest cryptocurrency exchange.

The XRP/KRW pair generated $448.5 million in trading volume over the last 24 hours.

The SHIB/KRW pair is a distant second with $178.5 million in trading volume.

Bitcoin is only in third place with $171.4 million, despite being the leading cryptocurrency.

South Korean traders prefer altcoins, and smaller tokens usually generate high trading volumes on local exchanges.

As reported by U.Today, the Korean won surpassed the U.S. dollar in global trading volumes by April.

The cryptocurrency market is so popular in South Korea that it became an election issue earlier this year, with politicians attempting to woo cryptocurrency-friendly voters.

XRP and SHIB are performing well

As reported by U.Today, XRP has recently become a hot topic in the cryptocurrency community with high levels of FOMO.

The token experienced a price surge due to rumors of a settlement meeting between Ripple and the U.S. Securities and Exchange Commission.

However, the token crashed dramatically after the hyped meeting was canceled.

Meanwhile, the SHIB price recently took a hit due to the WarizX hack. As reported by U.Today, the attacker stole around $100 million SHIB tokens from the exchange.

The second-largest meme coin's price dropped 10% on the news, but it later recovered after the hacker sold all of their tokens.

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