South Korea's Crypto Assets market is experiencing explosive rise

In July, the South Korean virtual asset market welcomed a wave of "volume and price rising" explosive market conditions. As of 8 PM on July 24, the 24-hour trading volume of South Korea's largest Crypto Assets exchange surpassed $10.2 billion, with a rise of 94.5%; the 24-hour trading volume of the second largest exchange also exceeded $3.2 billion, with a rise of 61.5%.

Before this wave of frenzy, the underlying liquidity in the market had quietly accumulated. Data shows that from July 13 to 19, the trading volume of stablecoins on the five major cryptocurrency exchanges in South Korea reached 2.226 trillion won (approximately 1.62 billion USD).

The trading enthusiasm of South Korean investors began to emerge on 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 in the spot market, 70% of which came from South Korea's largest exchange. This rise was almost entirely driven by buying from South Korea.

XRP is one of the most favored virtual assets among Korean investors, with about 15% of global trading volume coming from the country. On July 18, XRP broke through the $3.6 barrier, reaching a new high in six months. As of July 24, the price of XRP was around $3.16, with a 24-hour trading volume of $2.28 billion on the largest exchange in Korea, firmly holding the top spot as the platform's hottest asset.

On July 23, Sahara AI's SAHARA coin triggered a second wave of excitement. SAHARA experienced a maximum rise of 86% in a single day, ranking third in trading volume on the spot market of Korea's largest exchange. As of 8 PM on July 24, the trading volume of SAHARA in the past 24 hours reached $2.3 billion, with nearly half coming from Korean exchanges.

After the SAHARA token retraced, the Newton Protocol's NEWT token surged. As of 8 PM on July 24, NEWT rose over 70% in 24 hours, with a trading volume of 1.78 billion USD, of which over 60% came from South Korean exchanges.

In addition to the aforementioned tokens, Korean investors have also driven the rise of tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.

Against the backdrop of a market rebound and an improved regulatory environment, the pace of listings on South Korean exchanges has clearly accelerated. As of July 21, the five major virtual asset exchanges in South Korea have listed a total of 229 types of won-denominated virtual assets, 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 is expected to reach a new high in nearly five years.

However, this "coin listing frenzy" is also accompanied by significant volatility risks. XRP and SAHARA have experienced short-term pullbacks of over 10%, leading to a concentration of contract liquidations. Analysts warn that the enthusiasm of Korean investors for altcoins often exceeds that of overseas markets, and the FOMO mentality could pose substantial risks to investors.