Circle Internet Group (CRCL) stocks are demonstrating impressive growth driven by active investments from traders in South Korea.
South Korean Traders' Investments
According to Yahoo Finance, CRCL shares increased by 3.9% in pre-market trading and rallied 7.5% over the last day, reaching $213.63 per share. Since the Initial Public Offering (IPO) on June 5, Circle's stocks have surged over 800%. South Korean traders have significantly contributed to this rally, following the election of President Lee Jae Myung, who intends to fast-track reforms to legalize Korean won-backed stablecoins.
Increased Attention to Cryptocurrencies in South Korea
In addition to Circle shares, South Korean investors are also driving interest in other cryptocurrencies like XRP. This phenomenon is known as the "Kimchi premium," where local demand pushes asset prices 10-20% higher than global averages. Furthermore, President Lee Jae-myung recently disclosed plans to allow the National Pension Service to invest in Bitcoin and other cryptocurrencies.
Other Crypto Stocks Showing Positive Momentum
Circle is not the only crypto stock performing well this month. Coinbase Global (COIN) has recorded a 42.5% surge, while Michael Saylor's Strategy (MSTR) surged 4.58%. Additionally, MARA Holdings (MARA), a Bitcoin mining firm, is up 1.94% in the last 24 hours.
Thus, the stocks of Circle and other crypto companies continue to attract investor attention in South Korea, reflecting a growing interest in cryptocurrencies in the local market.
