Token Solar (SXP) and ICON (ICX) are currently very popular with Korean traders.
Both tokens have increased by as much as 40% in the past 24 hours with hundreds of millions of dollars in trading volume on local Korean crypto exchanges.
CoinGecko data shows that the ICX-KRW token pair – the Korean won – recorded a trading volume of more than $420 million on Upbit, a popular exchange in the country. The SXP-KRW trading pair has over $490 million in volume, more than either Bitcoin (BTC) or Ether (ETH) trading pairs.
In both cases, trading volume exceeds the market cap: SXP has a capitalization of around $458 million, while ICON’s capitalization stands at $417 million at press time.
Solar Network is a newly rebranded payments-focused blockchain by Swipe, formerly a debit card provider. Binance. This may be the reason why the community has focused on this token recently.
ICX is very popular in Korea because it is a local token. This network allows users to transfer tokens between different blockchains, allowing ICX to be used for staking, network governance, and collateral on decentralized financial platforms.
Korean crypto traders have contributed greatly in driving the hype rallies for these two tokens. The Kimchi Premium indicator is where it comes from. That’s when the price of Bitcoin on local exchanges can trade 30% higher than the price on international exchanges.
Last week saw a similar rally in XRP: Upbit led the global XRP trading volume with $790 million in volume traded over a 24-hour period on March 30.
However, it is still advisable to be wary of such a spike in volume as it could be due to wash trading – a manipulative technique in which traders repeatedly buy and sell the same asset to increase volume in order to increase volume. give a false impression of market performance.