DOGE and XRP Beat Bitcoin in Trading Volume in South Korea

Bittime - South Korea has once again caught the attention of the crypto world with a significant spike in digital asset trading volume. In recent weeks, two coins, namely Dogecoin (DOGE) and XRP, have beaten Bitcoin (BTC) in terms of transaction volume on local crypto exchanges. 

Interestingly, even though Bitcoin is still the most famous digital asset in the world, DOGE and XRP actually dominate trading in South Korea, a country known for its high interest in the crypto market. 

Recent reports show that DOGE and

South Korean Crypto Market Booms Again

The South Korean crypto market has returned to showing extraordinary growth after being hit by the crisis triggered by the fall of LUNA in 2022. Based on data from a Tiger Research report, around 15% of South Korea's total population, or around 7.78 million people, is now engage in crypto trading. 

The country has also seen a significant increase in trading volume, which is expected to surpass US dollar trading volume in the first quarter of 2024. Upbit, South Korea's largest crypto exchange, accounts for more than 70% of the country's total trading volume.

As trading volumes increased, several meme coins, especially DOGE and XRP, saw huge spikes. 

Data shows that DOGE trading volume reached $58.2 billion (Rp. 926.2 trillion) in the fourth quarter of 2024, while XRP was recorded at $38.6 billion (Rp. 614.9 trillion), far ahead of Bitcoin which only recorded $30.1 billion (Rp. 478, 6 trillion) in the same period.

Read also: Latest Dogecoin Price Prediction, Can It Go High?

DOGE and XRP: Meme Coins That Attract Big Interest

Source: Bitcoin News

The surge in DOGE and XRP trading volume shows how strong the appeal of these two coins is among retail investors in South Korea. Dogecoin, which was originally created as a meme coin just for entertainment, has now grown to become one of the most traded digital assets in the world. 

With large community support, as well as viral marketing on social media, DOGE has successfully maintained its position as one of the most popular coins, even surpassing Bitcoin in terms of transactions in South Korea.

Likewise with XRP, which, although it was affected by regulatory problems in the US, remains one of the main choices for investors in the South Korean crypto market. 

XRP, best known as a coin used in cross-border transactions, has attracted the attention of investors looking to capitalize on its potential use in the global financial industry. 

XRP's advantages in terms of fast transactions and low fees make it an attractive option, especially in a period when inflation and high transaction costs are a major concern for many investors.

Positive Sentiment Among Retail Investors

This phenomenon cannot be separated from the positive sentiment among retail investors in South Korea, who are known to have great interest in crypto. Since the last few years, the younger generation in South Korea has increasingly invested in digital assets. 

Many of them see crypto as an attractive alternative to building wealth, especially amid high unemployment. 

A survey by Samarin HR said that nearly 50% of workers aged 30 to 39 in South Korea have investments in crypto, with the figure even higher among workers in their 20s.

In the last few days, DOGE and on November 25. 

Meanwhile, the SAND/KRW trading pair also recorded a significant spike, indicating Korean investors' interest in tokens with smaller market capitalization, especially those related to the metaverse.

Read also: XRP Price Prediction According to Peter Brandt, Optimistic Will Be Bullish!

The Uniqueness of "Premium Kimchi" in the South Korean Crypto Market

One of the distinctive features of the South Korean crypto market is a phenomenon called “Kimchi Premium”. This is the price difference between crypto trading on local and international exchanges. 

This phenomenon is often influenced by high volatility and can change drastically depending on market conditions. At its peak, crypto prices on South Korean exchanges could be much higher than prices on international exchanges, a situation that reflects high demand from domestic investors.

This increase in trading volume shows that interest in crypto, especially among retail investors, is growing. This provides a positive indication for future crypto market developments, as well as providing useful information in predicting the movement of Bitcoin and other crypto coins.

Read also: Dogecoin: 6 Tips for Getting DOGE Coins

Conclusion

South Korea is once again at the center of attention of the global crypto market with DOGE and XRP trading volumes beating Bitcoin. High interest from retail investors in the country, driven by the appeal of meme coins and positive sentiment towards crypto, contributed to this incredible surge in trading. 

With the increasing number of young investors and the use of crypto as an investment alternative amidst economic uncertainty, the South Korean crypto market is predicted to continue to grow rapidly. 

Looking ahead, both DOGE and XRP, along with other meme coins, are likely to continue to be popular choices among crypto investors in South Korea.

FAQs About Dogecoin

Does Dogecoin have a future?

According to CoinPriceForecast, Dogecoin could rise to $0.1077 by the end of 2024, with mid-year projections at $0.0810. DigitalCoinPrice predicts a peak price of $0.17 for DOGE in 2024, alongside an expected minimum price of $0.0713.

Why is DOGE down?

The massive liquidation suggests that many traders were overly optimistic about the price of DOGE, expecting it to continue rising. When the broader market, including Bitcoin, pulled back, these traders were caught off guard, leading to a forced sell-off that contributed to Dogecoin's price decline.

Berapa All Time High (ATH) DOGE?

What is Dogecoin's all-time high price? Dogecoin reached an all-time high at $0.73. At $0.410185 today, Dogecoin (DOGE) is down -43.93% from its all-time high.

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Reference: 

News Bitcoin, article News Bitcoin, accessed November 26, 2024

CoinMarketCap, CoinMarketCap, accessed November 26, 2024

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