In recent years, the South Korean crypto sector has grown rapidly and local crypto exchanges are also starting to become leaders in the global crypto market. It’s also worth noting that South Korean traders are taking a lot more risk compared to the norm, preferring altcoins over the big boys like Bitcoin (BTC) and Ethereum (ETH).
This risky trading behavior can lead to strong growth in certain altcoins, almost entirely due to South Korean trading activity. This week, too, some altcoins are head and shoulders above the rest in South Korea. This emerges from data from Upbit, the largest crypto exchange in the East Asian country.
Axie Infinity (AXS)
The first coin to experience noticeably high trading volume was Axie Infinity (AXS). With a market cap of nearly $1 billion, AXS is one of the largest metaverse/gaming crypto projects. On Upbit, AXS trading volume has increased by more than 34 percent in the last 24 hours. On other major stock exchanges, this increase was mostly less than 5 percent. This difference highlights the lack of correlation between South Korean trading activity and trading activity elsewhere.
PlayDapp (PLA)
The second altcoin is Playdapp (PLA). PLA recorded significant volume of over $700,000 in the last 24 hours on Upbit. PLA volume on Binance also increased slightly, reaching $294,000 in the last 24 hours. PLA is also a project focused on the gaming sector. The project also has its own NFT (Non-fungible Token) marketplace.
Polymesh (POLYX)
As a result, Polymesh (POLYX) also stood out. Polymesh is a blockchain focused on the institutional sector, primarily focused on integrating regulated assets. Last week, POLYX trading volume on Upbit suddenly increased rapidly. Major exchanges such as Binance and HTX also followed suit.
Arbitrum (ARB)
The last altcoin to do well in South Korea is the Layer 2 solution Arbitrum (ARB). With a market cap of over $2.2 billion, ARB is the largest altcoin on this list. ARB’s trading volume increased by more than 200 percent last week to an average hourly volume of $1 million. Volume also increased sharply on Binance.
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