South Korea\'s Surprising Trading Trends: SHIB and XRP Outpace Bitcoin on Upbit

This information was supplied by CoinMarketCap, which indicates that XRP is the cryptocurrency that is traded the most on Upbit, which is the most prominent cryptocurrency exchange in South Korea.

SHIB and XRP have outperformed Bitcoin in South Korea, with a key metric revealing surprising trading trends on Upbit.

According to data from CoinMarketCap, XRP is the most traded cryptocurrency on Upbit, South Korea’s largest cryptocurrency exchange.

The XRP/KRW pair had a trading volume of $448.5 million in the past 24 hours. Notably, the SHIB/KRW pair follows in distant second with a trading volume of $178.5 million. Despite being the leading cryptocurrency, Bitcoin ranks third with $171.4 million.

South Korean traders are known to favor altcoins, with smaller tokens often garnering high trading volumes on local platforms, U.Today reports. Notably, the Korean won crossed over the U.S. dollar in terms of global trading volumes in April.

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

Rising XRP interest due to FOMO

XRP has garnered attention in the cryptocurrency space of late amid rising hype.

The token surged in price on speculation regarding a supposed settlement hearing between Ripple and the U.S. Securities and Exchange Commission. However, the token saw a sharp decline as the highly anticipated hearing was ultimately postponed.

SHIB, meanwhile, recently declined in price following a hack on WazirX. The attacker stole around 100 million SHIB tokens from the exchange. The announcement saw the second-meme currency drop by 10%, though it later recovered as the hacker sold all of their tokens.

The above is the detailed content of South Korea\'s Surprising Trading Trends: SHIB and XRP Outpace Bitcoin on Upbit. For more information, please follow other related articles on the PHP Chinese website!