This week, XRP and Dogecoin (DOGE) trading volumes have significantly surpassed Bitcoin on major South Korean exchanges, such as Upbit and Bithumb.
CoinGecko data reveals that XRP and DOGE collectively made up about 30% of trading volume on Upbit and nearly 20% on Bithumb in the last 48 hours—figures notably higher than Bitcoin’s usual share.
This surge in trading activity suggests a strong, short-term demand for these tokens in the region, potentially contributing to the upward pressure on their prices.
Rising Trading Volumes and Market Dynamics
Some of the trading volumes for both tokens may be influenced by wash trading, where automated algorithms generate frequent trades to create the appearance of higher market activity.
Data from CoinGecko indicates that Upbit led the global exchanges in XRP trading volumes, surpassing platforms like Binance and Coinbase with transactions converted from Korean Won to USD at current exchange rates. On the other hand, Binance and Coinbase dominate DOGE trading volumes across the global market.
Both XRP and DOGE have been standout performers in recent weeks with each seeing price gains of over 100% in the past two weeks as Bitcoin reached new all-time highs. After this strong performance, there was a surge in their future products.
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Factors Driving Price Increase
XRP’s price gains began last week, driven by rumors of favorable changes in U.S. regulatory policies.
Similarly, Dogecoin’s rise has been fueled by renewed backing from prominent figures like Elon Musk, who continues to promote the token amidst political developments, including a Republican win in the U.S. elections and his proposed role in leading the Department of Government Efficiency (D.O.G.E) under a Trump administration.
Conclusion
The recent surge in trading volumes for these two assets on South Korean exchanges reflects a mix of factors, including regulatory shifts in the U.S. and heightened interest driven by influential figures.
While some of the trading activity may be influenced by speculative practices such as wash trading, the underlying momentum for these tokens suggests the potential for continued growth in the short term. As South Korean traders continue to influence market trends, the sustainability of this rally remains a topic of debate.
However, with XRP holding above the $1 mark and Dogecoin benefitting from renewed promotion, both tokens are positioned at the forefront of cryptocurrency discussions, challenging the dominance of Bitcoin in key markets.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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