The long-awaited bull market of 2024 kicked off after President Trump won the November election, with Dogecoin (DOGE) and XRP leading outside the US.CoinGecko On-chain data shows that DOGE and Ripple's XRP has flipped bitcoin in parts of Asia, starting in South Korea.
Data show that on South Korean cryptocurrency exchanges such as Upbit and Bithumb, XRP and Dogecoin (DOGE) traded much more volumes than Bitcoin (BTC). The market craze in South Korea has helped push up the price of these two tokens in the current cryptocurrency market.
According to CoinGecko Market data, Ripple (XRP) is currently trading at $1. 14, up 2. 83% in the past 24 hours to $69,315,60,552 in 24-hour volume. On the other hand, Dogecoin (DOGE) is currently worth $0. 3,884, down 0. 2% from an hour ago, but up 0. 1% from yesterday. The total volume traded for Dogecoin has been $14,13,1958,061 over the past 24 hours.
DOGE and XRP lead the meme coin craze
According to CoinGecko, XRP and DOGE account for 30% of bitcoin transactions Upbit Korea's largest cryptocurrency exchange, with more than 20% of transactions on Bithumb in the past 24 hours. This is significantly higher than the usual leader in Bitcoin, indicating the country's short-term demand for these memes.
However, some of these volumes may be due to washwashing, which occurs when automated programs constantly trade tokens to create the illusion of an active market.
Source: CoinGecko
Upbit has led the XRP dollar trading volume on all global exchanges, including Binance and Coinbase, in the past 24 hours, according to the data. However, Binance and Coinbase still have the highest DOGE trading volume among all cryptocurrency exchanges in the world.
Both cryptocurrencies have performed the best in recent weeks. The two tokens have risen more than 100% in the past 14 days, with their futures products reaching new annual highs.
So far, the value of bitcoin (BTC) is trading at $93,754. 83, up 0. 5% from an hour ago and up 1. 5% in the past 24 hours. The value of BTC today is 6. 8% higher than that of seven days ago.
Cryptocurrency markets respond to the changing U. S. regulatory environment
South Korean traders are known in the cryptocurrency circle for driving the bullish tokens' rebound, which increases buying pressure and affects cryptocurrency prices.
XRP began to rally last week as the changing regulatory climate in the U. S. drove growth in tokens related to companies previously constrained by the Securities and Exchange Commission (SEC) measures.
Meanwhile, with the Republican victory in the US, tech giant Elon Musk (Elon Musk) stepped up propaganda again, and he was chosen to oversee the proposed Government Efficiency (D. O. G. E) non-governmental agency under the Trump administration.
The corresponding increase in market activity in South Korea may be a reaction to developments in the United States. However, analysts warn that these cryptocurrencies may not be able to maintain their market highs, especially if the robots are responsible for manipulating prices in Asian markets.