- XRP and Dogecoin (DOGE) have seen significantly higher trading volumes than Bitcoin on South Korean exchanges like Upbit and Bithumb.
- XRP and DOGE have experienced over 100% price increases in the past two weeks, driven by factors like favorable U.S. regulatory changes for XRP and endorsements from figures like Elon Musk for DOGE.
- While South Korean trading frenzy might indicate market froth, XRP’s price stability above $1 suggests potential for further gains.
Trading volume in XRP and dogecoin {{DOGE}} is much higher than that of bitcoin {{BTC}} on South Korean crypto exchanges this week, a frenzy that may have helped raise prices of the two tokens in the crazed market.
CoinGecko data shows XRP and DOGE have cumulatively accounted for as much as 30% of trading volumes on Upbit, the country’s biggest exchange, and nearly 20% on Bithumb in the past 24 hours. That is unusually higher than usual leader bitcoin and indicates a short-term demand for the tokens in the country.
Part of these volumes could be attributed to wash trading, however, where automated programs continuously trade a token to give the illusion of a heavily traded market.