The South Korean Crypto Assets market welcomes explosive rise

Since July, the South Korean virtual asset market has officially rebounded, ushering in a wave of "simultaneous rise in volume and price". As of 8 PM on July 24, the 24-hour trading volume on South Korea's largest Crypto Assets exchange surpassed $10.2 billion, with a rise of 94.5%; the 24-hour trading volume on the second largest exchange also exceeded $3.2 billion, with a rise of 61.5%.

The underlying liquidity of this wave of frenzy has already begun to accumulate. Data shows that from July 13 to 19, the stablecoin trading volume of the five major crypto asset exchanges in South Korea reached 22.26 trillion won (approximately 1.62 billion USD).

The trading enthusiasm of South Korean investors has been evident since July 11. On that day, the price of the XRP token rose from $2.60 to $3.00 within a few hours, with a total net buying pressure of 45 million XRP in the spot market, 70% of which came from the largest exchange in South Korea. XRP is one of the favorite virtual assets among South Korean investors, accounting for about 15% of the global trading volume. On July 18, XRP broke through the $3.6 mark, reaching a new high in half a year.

On July 23, the SAHARA token experienced a second wave of excitement, with a maximum daily increase of 86%. As of 8 PM on July 24, its 24-hour trading volume reached $2.3 billion, with nearly half of the trading coming from South Korean exchanges.

Following closely, the NEWT token began to rise. As of 8 PM on July 24, the token's 24-hour increase exceeded 70%, with a trading volume of 1.78 billion USD, over 60% of the trades coming from South Korean exchanges, highlighting the concentration and explosiveness of South Korean retail investors.

In addition, Korean investors have also driven the rise of multiple tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.

As market enthusiasm rises, the listing speed of coins on South Korean exchanges has also noticeably accelerated. According to reports, as of July 21, the five major virtual asset exchanges in South Korea have listed 229 KRW trading pairs this year, accounting for 85.44% of the total for last year. Following this trend, major exchanges are likely to launch the most crypto assets in nearly five years this year.

However, the intense flow of funds and rapid rotations are also accompanied by significant volatility risks. XRP and SAHARA have both experienced short-term pullbacks of over 10%, leading to a dense concentration of contract liquidations. Analysts warn that during the altcoin boom, the behavior of South Korean investors may change dramatically, and FOMO sentiment could pose substantial risks to investors.