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With the current bitcoin (BTC) bull market thriving, South Korean investors are diving headfirst into the market, targeting smaller altcoins with renewed enthusiasm. Trading activity on Upbit and other major platforms has exploded. According to data from CoinGecko, trading volumes have surged 11-fold, reaching an astonishing $14.3 billion since the U.S. presidential election on November 5, where pro-crypto candidate Donald Trump secured a second term.
This dramatic uptick in volume has been driven by popular altcoins such as XRP, Dogecoin (DOGE), and Stellar (XLM), hinting towards a revival of retail investor fervour. The DOGE/KRW trading pair has dominated Upbit’s charts, ranking as the most-traded pair for 10 days, according to 10x Research. Similarly, XRP/KRW has taken the top spot six times, and XLM/KRW has led the exchange over the past 24 hours, capturing 19% of total trading volume on Sunday alone.
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This enthusiasm has propelled the tokens to significant monthly gains, with DOGE rising by 164%, XRP by 188%, and XLM soaring an impressive 463%. Despite these rallies, the tokens remain below their record highs set in 2021. Meanwhile, bitcoin, the market’s flagship, continues to trade near all-time highs at around $100,000, posting a 40% gain this year, according to CoinDesk data.
“Since Trump’s election on November 5, bitcoin’s dominance has been overshadowed by altcoins like Dogecoin, Ripple, and Stellar. These coins have delivered triple-digit returns, demonstrating how shifts in trading volume can uncover substantial opportunities,” Markus Thielen, founder of 10x Research, noted in a client update on Monday.
SAND Price Gets Pushed Up
South Korean traders are now turning their attention to other sectors of the crypto market, particularly metaverse-related tokens such as SAND. These tokens are experiencing significant rallies for the first time in years. As of now, the SAND/KRW trading pair on Upbit commands a 24-hour volume of $2 billion, accounting for 14% of the platform’s total trading activity.
SAND has gained over 200% this month, climbing to $0.76, although it remains far from its November 2021 peak of $8.49. The rising interest in metaverse and gaming tokens mirrors the trends seen in late 2021, when similar rallies marked the pinnacle of the previous bull market. Traders should closely monitor these developments in the metaverse space, as the renewed momentum in gaming tokens like SAND could provide insights into the broader market’s trajectory.
