Share this article
Koreans Go Full Monty on DOGE, XRP, XLM After Trump's Win; Now Look to SAND Token
The breakup of trading volume on Upbit showcases strong uptake for smaller cryptocurrencies in a pattern analogous to the 2021 bull market.
Updated Nov 25, 2024, 11:38 a.m. Published Nov 25, 2024, 8:36 a.m.
What to know:
- DOGE, XRP and XLM are the most traded cryptocurrencies on Upbit since Donald Trump's election victory.
- The latest activity points to a pivot toward metaverse tokens.
If you think the Terra/Luna crash of 2022 left lasting scars on the South Korean crypto community, you are wrong. With the bitcoin bull market in full swing, Koreans are again diving in head first and snapping up smaller cryptocurrencies.
Trading volume on South Korea's largest exchange, Upbit, which accounts for over 70% of the country's total activity, has skyrocketed 11-fold to $14.3 billion since the Nov. 5 U.S. presidential election that saw pro-crypto candidate Donald Trump emerge victorious, according to data source Coingecko.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Driving this exceptional volume growth are XRP, and other smaller tokens, pointing to a resurgence of retail investor mania.
For instance, the DOGE/KRW pair, which represents dogecoin's price in South Korean won, has been the most traded pair on Upbit for a total of 10 days, according to 10x Research. The XRP/KRW pair has been top six times and the XLM/KRW pair has been the most traded pair of the past 24 hours, accounting for 19% of the total volume Sunday.
The three tokens have skyrocketed by 164%, 188% and 463%, respectively, this month, though they remain below their respective record highs reached in 2021. Meanwhile, market leader bitcoin is trading at lifetime peaks near $100,000, representing a near 40% price gain, according to CoinDesk data.
"Since the Nov. 5 Trump election, bitcoin's dominance as the crypto with the highest volume has been replaced by altcoins, such as Doge, Ripple, and Stellar (XLM 19% market share on UPbit on Sunday, number 1 coin traded). Those are the ones with +100% returns, and while simply monitoring those changes in activity would have resulted in a lot of alpha, as we have frequently pointed out," Markus Thielen, founder of 10x Research, said in a note to clients Monday.
Koreans' love for cheaper plays is now extending to other crypto market sectors, including metaverse tokens like SAND, which are seeing a meaningful rally for the first in three years.
At press time, the SAND/KRW pair listed on Upbit boasted a 24-hour trading volume of $2 billion, or 14% of the exchange's total trading volume of $14.10 billion.
The SAND token has rallied over 200% to 76 cents this month, yet it remains well below its November 2021 peak of $8.49. Traders should keep a close eye on the surge in the metaverse and gaming tokens, as the last time these assets rallied, it marked the peak of the bull market in late 2021.
Higit pang Para sa Iyo
Ano ang dapat malaman:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Ano ang dapat malaman:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
