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In South Korea, SHIB and XRP have outpaced Bitcoin, with a key metric revealing surprising trading trends on Upbit.
XRP and SHIB's Market Performance
This information was supplied by CoinMarketCap, which indicates that XRP is the cryptocurrency that is traded the most on Upbit, which is the most prominent cryptocurrency exchange in South Korea.
The XRP/KRW pair accomplished a trading volume of $448.5 million over the course of the last twenty-four hours. Particularly noteworthy is the fact that the SHIB/KRW pair has a trading volume of $178.5 million, placing it in a distant second place. Even though it is the most popular cryptocurrency, Bitcoin is only in third position with 171.4 million dollars.
South Korea's Preference for Altcoins Over Bitcoin
U.Today reports that a significant number of South Korean traders are particularly interested in alternative cryptocurrencies, with smaller tokens often drawing high trading volumes on local platforms. During the month of April, the Korean won was able to exceed the United States dollar in terms of worldwide trade volumes.
The market for cryptocurrencies is so popular in South Korea that it even became an election issue earlier this year, with politicians attempting to appeal to voters who are interested in cryptocurrencies.
Impact of FOMO on Cryptocurrency Trends
As a result of increased levels of fear of missing out (FOMO), XRP has recently become the topic of conversation among the cryptocurrency world.
The price of the token skyrocketed as a result of the speculation that surrounded a supposed settlement conference between Ripple and the United States Securities and Exchange Commission. On the other hand, the token witnessed a significant decline as the much-anticipated conference was eventually called off.
In the meantime, the price of SHB has recently experienced a decline as a result of the hacking of WarizX. The perpetrator of the attack took around one hundred million SHIB tokens from the exchange. As a result of the announcement, the price of the second-largest meme currency dropped by ten percent; however, it eventually recovered once the hacker sold all of their tokens.
