Florence Muchai
The long-awaited 2024 bull run kicked off after Trump won the November elections, with Dogecoin (DOGE) and XRP taking the lead in regions outside America. On-chain data from CoinGecko shows DOGE and Ripple’s XRP have flipped Bitcoin in parts of Asia, starting with South Korea.
Data shows that trading volume in XRP and Dogecoin (DOGE) is much higher than that of Bitcoin (BTC) on South Korean crypto exchanges such as Upbit and Bithumb. The market frenzy in South Korea has helped spike the prices of the two tokens in the current crypto market.
According to CoinGecko market data, Ripple (XRP) is currently trading at $1.14, up 2.83% in the last 24 hours, with a 24-hour trading volume of $6,931,560,552. On the other hand, Dogecoin (DOGE) is currently valued at $0.3884, down 0.2% from an hour ago but up 0.1% from yesterday. In the last 24 hours, the total volume of Dogecoin traded was $14,131,958,061.
DOGE and XRP lead the memecoin surge
According to CoinGecko data, XRP and DOGE have accounted for up to 30% of trade activity on Upbit, South Korea’s largest crypto exchange, and over 20% on Bithumb in the last 24 hours. This is significantly higher than Bitcoin, the usual leader, indicating a short-term demand for these meme tokens in the country.
However, some of these volumes could be due to wash trading, which happens when automated programs constantly trade a token to create the illusion of an active market.
According to the data, Upbit leads XRP dollar trade volumes across all global exchanges in the last 24 hours, including Binance and Coinbase. However, Binance and Coinbase still host the highest DOGE trading volumes across all global crypto exchanges.
Both coins were the best-performing cryptocurrencies in recent weeks. Data shows that both tokens have gone up by more than 100% in the last 14 days, with their futures products reaching new yearly highs.
As of now, Bitcoin (BTC) is valued at $93,754.83, up 0.5% from an hour ago and 1.5% in the last 24 hours. BTC’s value today is 6.8% higher than it was seven days ago.
Crypto markets respond to changing US regulatory landscape
South Korean traders are well-known in crypto circles for driving bullish token rallies, which adds to purchasing pressure and impacts crypto prices.
Gains in XRP began last week as the changing regulatory atmosphere in the United States boosted growth in tokens associated with enterprises previously hamstrung by Securities and Exchange Commission (SEC) measures.
Meanwhile, DOGE is up following a Republican victory in the United States, which led to renewed promotional efforts by tech giant Elon Musk, who was chosen to oversee the proposed Department of Government Efficiency (D.O.G.E) non-governmental institution under the Trump administration.
The corresponding increase in activity in South Korean markets may be in reaction to developments in the United States. However, analysts warn that these coins might not maintain their market highs, especially if bots are responsible for manipulating the prices in Asian markets.
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