Within the last 24 hours, XRP and Dogecoin trading volumes on South Korea’s exchanges have surged past those of bitcoin, which sits at BTC$111,343.30, and ether (ETH).
This uptick aligns with a renewed appetite for risk across crypto and stock markets, spurred by a thaw in U.S.-China trade disputes and economic data hinting at potential interest rate cuts later this year, according to market insiders.
Over the previous week, both XRP and DOGE outperformed bitcoin by climbing more than 15%, while ETH skyrocketed nearly 40%—its most impressive weekly leap since 2021.
Market Momentum and Retail Fervor
“Risk-on assets have bounced back sharply, now testing the patience of even the staunchest skeptics,” noted Augustine Fan, head of insights at SignalPlus, a crypto options platform. He added, “The painful trade is likely still to the upside until more bearish macro players surrender their positions.”
UpBit, Korea’s top exchange by trading volume, recorded over $250 million in 24-hour trades for XRP/KRW and DOGE/KRW pairs, dwarfing the sub-$150 million volumes seen in bitcoin and ether.
This pattern recalls past bursts of frenzied retail activity in Korea, often referred to as the “Kimchi premium” phase, where local investors eagerly chased volatile digital assets.
Crypto Sentiment as a Retail Barometer
Historically, South Korean crypto markets have acted as a reliable gauge for broader retail investor moods.
Currently, the rally is buoyed by a massive $1 billion short squeeze last week, which forcibly closed overleveraged positions amid rapid price gains.
| Short Squeeze Size | $1 billion |
| Bitcoin Price (BTC) | $111,343.30 |
| ETH Weekly Gain | ~40% |
Fan characterized this event as a textbook short-squeeze that struck an “exceptionally one-sided market.” He emphasized, “No significant ETH ETF inflows have been observed, indicating this was a purely organic market movement.”
Geopolitical Winds and Easing Fears
South Korea’s enthusiasm also mirrors a softening geopolitical atmosphere. On Monday, officials from the U.S. and China announced they would slash tariffs on selected goods from a staggering 145% down to 30% for 90 days, following weeks of intense speculation over their next moves.
Jeff Mei, COO of BTSE, remarked, “With U.S.-China trade talks progressing and the prospect of rate cuts looming, investor jitters around crypto are fading.” He continued, “A dovish pivot from the Fed next month might catapult bitcoin beyond its all-time highs and reignite lending and investment within the U.S. economy.”
Looking Ahead: What Drives the Next Wave?
While market watchers keep an eye on institutional ETF flows and central bank announcements expected in June, the current short-term surge points to altcoin speculation spearheading this upward momentum.
- Renewed risk-on sentiment amid easing trade tensions
- Retail investors fueling volume spikes in XRP and DOGE
- Short squeeze catalyzing rapid price climbs
- Geopolitical developments easing market fears
- Anticipation of dovish monetary policy boosting optimism
