The South Korean virtual asset market is witnessing explosive rise

In July, the South Korean virtual asset market welcomed a notable "rise in both volume and price" trend. As of 8 PM on July 24, the largest cryptocurrency exchange in South Korea saw its 24-hour trading volume exceed $10.2 billion, with a rise of 94.5%; the second-largest exchange also surpassed $3.2 billion in 24-hour trading volume, with a rise of 61.5%.

Behind this wave of frenzy, the underlying market liquidity has quietly accumulated. Data shows that from July 13 to 19, the trading volume of stablecoins on South Korea's five major cryptocurrency exchanges reached 22.26 trillion won (approximately 1.62 billion USD).

The enthusiasm of South Korean investors for XRP tokens is particularly evident. On July 11, the price of XRP 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 the largest exchange in South Korea. XRP is one of the most favored virtual assets among South Korean investors, with approximately 15% of global trading volume coming from the country. On July 18, XRP broke the $3.6 barrier, reaching a new high in six months.

Following closely, the "AI-native" full-stack blockchain platform Sahara AI's SAHARA token has triggered a second wave of excitement. On July 23, SAHARA's highest daily rise reached 86%, ranking third in trading volume on a certain exchange's spot market. As of 8 PM on July 24, SAHARA's trading volume over the past 24 hours reached 2.3 billion USD, with nearly half coming from Korean exchanges.

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

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

Against the backdrop of Bitcoin reaching new historical highs, ETH rebounding, and an improved regulatory environment, the pace of listing new coins on Korean exchanges has also clearly accelerated. As of July 21, the five major virtual asset exchanges in Korea have listed a total of 229 types of KRW virtual assets, accounting for 85.44% of the total for last year. The two main exchanges have surpassed last year's total number of listings this year, expected to set a new high in nearly five years.

However, the intense influx of funds and rapid rotation are also accompanied by significant volatility risks. XRP and SAHARA have both experienced short-term pullbacks of over 10%, with a dense occurrence of contract liquidations. Analysts warn that during the altcoin frenzy, the behavior of South Korean investors may undergo significant changes, and FOMO sentiment could pose substantial risks to investors.