Dogecoin (DOGE) and XRP contribute 30% and 20% of trading activity on South Korea’s leading exchanges, Upbit and Bithumb, overtaking Bitcoin.
South Korea’s top crypto exchanges Upbit and Bithumb have reported a massive surge in trading volumes for altcoins like Dogecoin DOGE $0.24 24h volatility: 0.9% Market cap: $36.42 B Vol. 24h: $4.01 B and XRP XRP $2.94 24h volatility: 1.0% Market cap: $175.59 B Vol. 24h: $5.61 B , beating the likes of giants such as Bitcoin BTC $111 408 24h volatility: 0.7% Market cap: $2.22 T Vol. 24h: $45.53 B .
This trading frenzy happens as both DOGE and XRP have registered a staggering 100% gains in just the last two weeks. The DOGE market cap has nearly shot up by 4x since the beginning of November, while the XRP market cap has nearly doubled.
As per the data from CoinGecko, both XRP and DOGE have accounted for a staggering 30% of the trading volumes on South Korea’s largest exchange Upbit. Moreover, the trading volume contribution on Bithumb is nearly 20%.
Usually, Bitcoin dominates the trading volume charts on these exchanges, however, the recent frenzy for these two coins has changed the scenario. A part of this activity may be linked to wash trading, where automated programs repeatedly trade a token to create the appearance of high market activity.
In dollar terms, crypto exchange Upbit was leading for XRP volumes across all global exchanges in the last 24 hours, leaving behind the likes of Coinbase and Binance. However, for the DOGE trading volumes, Binance and Coinbase have been leading.
Dogecoin (DOGE) Enters Parabolic Bull Run
Following Donald Trump’s victory in the US Presidential Elections in early November, the Dogecoin (DOGE) price has witnessed a mega rally. On the monthly chart, the DOGE price is up by a staggering 168% and currently trading close to $0.40.
Popular crypto analyst Ali Martinez believes that Dogecoin is preparing for a parabolic bull run ahead. The Dogecoin whale accumulation has also spiked up significantly this month along with retail activity.
Crypto analyst Ali Martinez has identified a potential governing pattern in Dogecoin’s (DOGE) price action, suggesting that it operates within a parallel channel. The key price targets based on this analysis are $2.40 and $18, respectively.
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Courtesy: Ali Charts
What’s Next for XRP Price After 66% Rally?
On the weekly chart, the XRP price has gained by a staggering 66%. XRP’s rally began last week, fueled by a changing US regulatory landscape that has bolstered tokens tied to companies previously hindered by actions from the Securities and Exchange Commission (SEC).
Commenting on the further XRP price action, Omkar Godbole of Coindesk said:
“XRP is holding steady above $1 after a powerful rally — the strongest in three years! While intraday charts hint at a possible pullback, it could set the stage for another upward move”.
However, he added that “resistance looms at $1.26 and $1.40, echoing the supply zone from September 2021”.
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