South Korea's Crypto Assets Market Boom: Volume Soars, New Coins Frequently Launched

In July, South Korea's virtual asset market experienced a surge in both "volume and price". As of 8 PM on July 24, the 24-hour trading volume of South Korea's leading Crypto Assets exchanges had significantly increased, with the top-ranked platform's trading volume surpassing $10.2 billion, a rise of 94.5%; the second-ranked platform's trading volume also exceeded $3.2 billion, with an increase of 61.5%.

Behind this wave of frenzy, the underlying market liquidity has quietly accumulated. Data shows that from July 13 to 19, the stablecoin trading volume of the five major Crypto Assets exchanges in South Korea reached 2.226 trillion Korean won (approximately 16.2 million USD).

The trading enthusiasm of South Korean investors was evident as early as 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 Korea's largest trading platform. XRP is one of the most favored virtual assets among South Korean investors, accounting for about 15% of global trading volume. On July 18, XRP broke through the $3.6 mark, reaching a new high in half a year. As of July 24, the price of XRP was approximately $3.16, with a 24-hour trading volume of $2.28 billion on a certain trading platform, firmly holding the top spot as the platform's hottest asset.

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 volume reached 2.3 billion USD, with nearly half of the spot trading coming from the two major trading platforms in South Korea.

Following closely, the NEWT token began to rally. As of 8 PM on July 24, the token's 24-hour increase exceeded 70%, with a volume of 1.78 billion USD, over 60% of which came from South Korean trading platforms, highlighting the concentration and explosive power of South Korean retail investors.

In addition, Korean investors also drove the increase in several tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.

Against the backdrop of Bitcoin hitting historical highs, ETH rebounding, and an improved regulatory environment, the pace of listing new coins on South Korean exchanges has noticeably accelerated. According to reports, as of July 21, the five major virtual asset exchanges in South Korea have listed a total of 229 virtual assets in Korean won, accounting for 85.44% of last year's total. The number of listings on the two major exchanges this year has already surpassed the total for last year, and it is expected to reach a new high in nearly five years.

The "coin listing craze" has provided more choices for speculative funds and has allowed market hotspots to constantly change. However, the intense influx of funds and rapid rotations are also accompanied by significant volatility risks. XRP and SAHARA experienced short-term pullbacks of over 10%, with concentrated contract liquidations. If liquidity suddenly reverses, prices will face severe fluctuations.

Analysts warn that as the altcoin craze finally arrives, the behavior of Korean investors may undergo significant changes. Against the backdrop of a surge in new capital inflows, Korean investors' enthusiasm for altcoins often exceeds that of overseas markets. In this environment, FOMO psychology may play an important role in small investments, sometimes bringing significant risks to investors.