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XRP and SHIB Just Surpassed Bitcoin in a Key Metric in South Korea
Alex Dobnya
XRP and SHIB are more popular than Bitcoin among South Korean traders
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According to data provided by CoinMarketCap, XRP is the most valuable cryptocurrency exchanged cryptocurrency on Upbit, the leading South Korean cryptocurrency exchange.
The XRP/KRW pair generated a trading volume of $448.5 million in the last 24 hours.
In particular, the SHIB/KRW pair ranks second, with a trading volume of $178.5 million.
Bitcoin, the leading cryptocurrency, is only in third place with $171.4 million.
A major crypto hub
South Korean traders are particularly interested in altcoins, with smaller tokens typically attracting substantial trading volumes on local exchanges.
AS reported by U.TodayThe Korean won managed to surpass the U.S. dollar in terms of global trading volumes in April.
The cryptocurrency market is so popular in South Korea that it even became an election issue earlier this year, with politicians trying to appease crypto-friendly voters.
XRP and SHIB steal the show
As reported by U.Today, XRP has recently become the topic of conversation within the cryptocurrency community with high levels of FOMO.
The token has seen a price surge amid speculation about an alleged settlement meeting between Ripple and the U.S. Securities and Exchange Commission.
However, the token suffered a dramatic crash after the highly anticipated meeting was cancelled.
Meanwhile, SHB price has recently taken a hit due to the WarizX hack. As reported by U.TodayThe attacker stole about $100 million worth of SHIB tokens from the exchange. The price of the second-largest meme coin dropped 10% on the news, but recovered after the hacker sold all of his tokens.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets and can be reached at alex.dovbnya@u.today.