In South Korea, retail interest in high-volatility tokens like XRP and Dogecoin is growing, with both tokens showing significant trading volumes that surpass Bitcoin and Ethereum.
Surge in XRP and Dogecoin Trading Volumes
According to Upbit, South Korea's largest crypto exchange, Dogecoin accounted for 10.23% of the total trading volume of $2.86 billion, while XRP made up 9.49%. Both tokens exceeded $250 million in trading volume, compared to $180 million for Bitcoin and Ethereum.
Whale Activity and Institutional Interest
Data from market intelligence firm Santiment indicates that over the last month, whales have accumulated more than 880 million XRP tokens. This spike in interest may be linked to rumors of a possible ETF related to XRP. The token recently reached a seven-week high of $2.4712 after speculation about BlackRock's meeting with the US SEC.
Crypto Market Situation Ahead of Elections
The retail activity in South Korea's crypto market is also coinciding with the upcoming elections scheduled for June 3, 2025. One candidate has proposed the launch of crypto ETFs and legal reforms to enhance investor protections.
The rise in trading volumes for XRP and Dogecoin in the South Korean market highlights the increasing investor interest in high-volatility tokens alongside relevant political and economic factors.
