Korean retail cryptocurrency investors have shown intense interest in XRP and Dogecoin (Doge) over the past 24 hours, with trading activity surpassing Bitcoin (BTC) and Ethereum (ETH).
Data from UPBIT, Korea's largest crypto exchange, reveals that Doge accounted for 10.23% of its total trading volume ($2.86 billion), while XRP followed closely at 9.49%—far outpacing BTC and ETH at just 3%. Both tokens recorded over $250 million in trades, compared to $180 million for BTC and ETH.
This shift coincides with a bullish trend in Korea's crypto market, which triggered a brief $1 billion short squeeze last week. The global crypto market cap also reached a three-month high of $3.4 trillion over the weekend.
Whale Activity and Institutional Interest Drive XRP Trading
Market intelligence indicates whale addresses accumulated 880 million XRP tokens in the past month. Analysts note growing holder confidence in the token's potential.
Speculation about BlackRock considering an XRP-based ETF application briefly pushed prices to a seven-week high of $2.47. Although unconfirmed, reports of closed-door meetings between BlackRock and the SEC fueled market rumors.
XRP and Doge gained over 11% in seven days, versus Bitcoin's 10%. Meanwhile, Ethereum surged nearly 40%—its strongest weekly performance since 2021.
"Atypical short-term market behavior," observed Augustine Fan of SignalPlus. "No evidence suggests massive ETH ETF inflows—this appears locally driven."
At press time, XRP traded at ₩3,405 (+3% daily), with Doge up 8%.
Retail Frenzy Evokes Memories of "Kimchi Premium" Era
Current trading patterns recall Korea's historic "kimchi premium" period, where investors paid above-global-market prices for high-risk assets.
Historically, Korea's crypto market has been a key indicator of retail sentiment. Observers link the rally to easing geopolitical tensions between the U.S. and Asia.
U.S.-China trade officials announced tariff reductions from 145% to 30% on select goods within 90 days—a positive signal for global markets, including crypto.
Crypto ETFs Emerge as Presidential Election Topic
With Korea's June 2025 presidential election approaching, surging retail activity draws attention. Conservative candidate Kim Moon-soo pledged to introduce physically backed crypto ETFs, proposing legal reforms to "protect investors and grow middle-class wealth."
Opposition leader Lee Jae-myung leads polls at 54% support versus Kim's 20.6%, according to local surveys.
FAQs
Q: Why are Korean investors favoring XRP and Doge?
A: Whale accumulation, ETF rumors, and a bullish market have boosted confidence in these altcoins.
Q: What caused Ethereum's 40% surge?
A: While unrelated to ETF inflows, local positioning and technical factors likely drove this exceptional performance.
Q: How significant is Korea's "kimchi premium" today?
A: Current premiums are minimal, but retail enthusiasm mirrors past behavioral trends.