As a seasoned cryptocurrency analyst with extensive experience in following market trends and trading volumes, I find the recent data from CoinMarketCap regarding the dominance of XRP and SHIB on Upbit, South Korea’s leading exchange, particularly intriguing.
Based on information from CoinMarketCap, XRP holds the top spot as the most frequently traded digital currency on Upbit, South Korea’s prominent cryptocurrency trading platform.
The XRP/KRW pair generated $448.5 million in trading volume over the last 24 hours.
Significantly, the SHIB-KRW pair ranks second in terms of trading volume with approximately $178.5 million transacted.
Bitcoin, the leading cryptocurrency, is only in third place with $171.4 million.
A major crypto hub
South Korean investors have a strong interest in altcoins, and it’s common to see significant trading activity for lesser-known tokens on domestic cryptocurrency exchanges.
According to U.Today’s report, the Korean won outpaced the US dollar in global trading volume back in April.
In South Korea, the cryptocurrency market has gained significant popularity, reaching a level where it influenced the political landscape this year. Candidates attempted to win over crypto-sympathetic voters by addressing their concerns.
XRP and SHIB stealing the show
According to U.Today’s report, there has been a lot of buzz in the crypto world about XRP due to heightened fear of missing out (FOMO).
As a researcher studying the cryptocurrency market, I observed an unexpected price surge in the value of the Ripple token. This price increase can be attributed to heightened anticipation and speculation surrounding potential news regarding negotiations between Ripple and the U.S. Securities and Exchange Commission (SEC) for a settlement.
However, the token experienced a dramatic plunge after the much-hyped meeting got canceled.
As someone who closely follows the cryptocurrency market, I was taken aback when I heard about the recent hack on WarizX that resulted in the theft of approximately $100 million SHIB tokens. This news hit hard for investors and supporters of Shiba Inu (SHB), the second-largest meme coin, causing a 10% plunge in its price. However, as we all know, the crypto market can be unpredictable, and just as swiftly as the price dropped, it began to recover once the hacker had sold their ill-gotten gains. It’s an unfortunate reminder of the risks involved with cryptocurrency investments, but also a testament to the resilience of this dynamic and ever-evolving market.
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2024-07-19 08:31