Upbit, South Korea’s largest cryptocurrency exchange, has sparked concerns in the crypto community as it detected significant and unusual increases in trading volumes for several altcoins. Affected crypto assets include The Graph (GRT), Cardano (ADA), Ardor (ARDR), Waves (WAVES), and Polkadot (DOT). Here are the details…
There is extraordinary volume in these altcoin projects in South Korea
On the 4-hour chart, The Graph (GRT) exhibited a significant increase in trading volume on Upbit. Average 4-hour volume, initially $665,000, rose to an impressive $1 million, marking a significant increase of 92.30%. In contrast, Binance, another major cryptocurrency exchange, saw a more modest change of 14.72% during the same period. On the other hand, Cardano (ADA) did not lag behind this unusual trend. On Upbit’s 1-hour chart, Cardano saw a staggering 194.43% increase in trading volume, with average 1-hour volume jumping from $188,000 to $555,000. In comparison, Binance reported a relatively modest increase of 1.41%.
Additionally, Ardor (ARDR), a little-known altcoin in the mainstream, witnessed a phenomenal 492.57% increase in 4-hour trading volume on Upbit. Average volume jumped from $4 million to $22 million. While Binance also recorded an increase from 673,000 to 932,000 on average, the change was relatively smaller at 38.49%. Trading volume on the 1-hour chart of Waves (WAVES) experienced a significant increase of 210.37% on Upbit. Average volume, originally $271,000, rose to $841,000. On Binance, the increase was more conservative and the volume increased by 26.22%, from an average of $107,000 to $135,000.
Polkadot is also on the list
Finally, Polkadot (DOT) exhibited a dramatic 417.53% increase in trading volume on Upbit’s 1-hour chart. Average volume jumped from $13,000 to $65,000. On Binance, the volume increased from an average of $62,000 to $89,000, showing a change of 42.21%. These remarkable increases in transaction volumes raised questions and sparked debate in the cryptocurrency community. Market analysts and experts are closely following these developments to understand the underlying reasons for such unusual activities in these altcoins.
While volatility and price fluctuations are common in the cryptocurrency market, such significant increases in trading volumes on a single exchange warrant further investigation. As the crypto market continues to evolve, traders and investors are reminded to exercise caution and conduct thorough research before participating in any trading activity, especially when faced with unexpected trading volume increases.
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