New data on crypto money investors in South Korea drew attention. In particular, two altcoins seem to be the focus of cryptocurrency investors living in the Asian country. The Korean won parity of these coins has taken a leap. Here are the details…
These altcoin projects are in demand in South Korea
Solar (SXP) and icon (ICX) tokens seem to be new bets for South Korean traders. Both tokens have risen by up to 40 percent in the past 24 hours, with hundreds of millions of dollars in trading volume on local crypto exchanges. According to CoinGecko data, the ICX-Korean won token pair has seen over $420 million in trading volume on UpBit, one of the leading South Korean exchanges. The SXP-won trading pair saw over $490 million in volume, outpacing Bitcoin or Ethereum trading pairs.
Either way, trading volume exceeded market cap: SXP had a market cap of $455 million at the time of writing on Tuesday, while Icon’s market cap is just under $350 million. At the time of writing, ICX is trading at $0.38, up 48 percent. SXP is located at the level of $ 0.80.
Cryptocurrency transactions in South Korea are quite “enthusiastic”
cryptocoin.com As we reported, the payments-focused Blockchain Solar Network is the rebranded mainnet of Swipe, a debit card provider that Binance announced in 2020. Last week, Binance said it will support SXP token migration in the coming days. This may have increased the recent interest. ICX is popular in South Korea due to being a native Blockchain. The network allows users to transfer tokens between different Blockchains, enabling ICX to be used for staking, network management and collateral on decentralized finance (DeFi) platforms.
South Korean crypto traders have a record of making enthusiastic rallies on tokens. Dubbed Kimchi Premium, it stems from the region where Bitcoin prices on local exchanges can be traded at a premium of up to 30 percent compared to their international counterparts. A similar rally took place in XRP last week: UpBit led global XRP trading volumes with more than $790 million in tokens trading in a 24-hour period on March 30.
Still, there is reason to approach the figures with caution. Some of these volumes may be due to wash trading, a manipulative technique where traders constantly buy and sell the same asset to increase volumes in order to create a false impression of market activity.
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