Several altcoin projects have experienced unprecedented trading volume increases on Upbit, South Korea’s largest cryptocurrency exchange. These remarkable fluctuations shocked the cryptocurrency community. It also raised questions about the factors behind the sudden move and its potential implications for the broader market. Notable performers include Immutable (IMX), The Graph (GRT), Decentraland (MANA), Sei (SEI), and EOS. Each has its own unique trading volume expansion story. Here are the details…
These altcoin projects are popular in South Korea
Surprisingly, a handful of altcoins witnessed notable trading volume increases on Upbit, South Korea’s leading cryptocurrency exchange. Notable performers include Immutable (IMX), The Graph (GRT), Decentraland (MANA), Sei (SEI), and EOS. IMX, which previously had an average 1-hour trading volume of $79,000 on Upbit, rose to $207,000 with a staggering increase of 162 percent. Meanwhile, 1-hour volume on Binance increased by a notable 31 percent.
The Graph (GRT) also made impressive gains on Upbit, with its 1-hour average volume increasing by a staggering 187.45 percent, from $167,000 to $479,000. However, trading volume on Binance showed a slight decrease of 4.76 percent. Following a similar trend, Decentraland (MANA) witnessed a significant increase in trading volume. On Upbit, the average 1-hour volume increased by 177 percent from $165,000 to $457,000. Meanwhile, trading volume on Binance increased by 20 percent.
SEI outshined everyone
Among these notable performers, SEI eclipsed them all on Upbit, experiencing a staggering 231 percent increase, with trading volume rising $7 million from its 1-hour average of $50 million. Finally, EOS also saw significant growth in trading volume on Upbit, with its 1-hour average volume rising from $203,000 to $683,000, an impressive increase of 236 percent. However, trading volume on Binance decreased by 32.23%, falling from an average of $243K to the last recorded volume of $165K.
These extraordinary trading volume increases have sparked intense interest among cryptocurrency traders and investors. While some attribute these increases to market dynamics and increased investor sentiment, others are monitoring the situation closely for possible developments. As the cryptocurrency market continues to evolve, these trading volume increases are a reminder of its unpredictable nature, where opportunities and challenges can arise suddenly and dramatically. Investors and traders are advised to remain vigilant and informed as they navigate this ever-changing environment.
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