In South Korea, Dogecoin and XRP have outpaced Bitcoin in trading activity.

This week, South Korean crypto exchanges have seen a surge in trading volume for XRP and Dogecoin (DOGE), outpacing Bitcoin (BTC) for the first time in recent memory. Data from CoinGecko reveals that XRP and DOGE have together accounted for up to 30% of the trading volume on Upbit, South Korea’s largest exchange, and nearly 20% on Bithumb in the past 24 hours. These figures are unusually high compared to Bitcoin’s dominant share and suggest a sudden spike in interest for these altcoins in the region.

Some of this activity could be attributed to wash trading, where automated trading bots inflate volumes to create the appearance of high market activity. However, despite this, the volume figures are still significant enough to have likely influenced the price movements of both XRP and DOGE.

On a global scale, Upbit led the charge for XRP trading in dollar terms, even outpacing major exchanges like Binance and Coinbase, according to CoinGecko data. Meanwhile, Binance and Coinbase are still the top exchanges for DOGE.

XRP has been among the top performers in recent weeks, driven by a shift in the U.S. regulatory landscape, which has provided a boost to tokens associated with Ripple Labs, the company behind XRP, amid its ongoing legal battle with the SEC. DOGE’s rise, on the other hand, has been fueled by a Republican win in the U.S. elections and a fresh promotional push by Elon Musk, who is set to lead the Department of Government Efficiency (D.O.G.E) under a potential Trump administration.

The increased focus on XRP and DOGE from South Korean traders may indicate a local market top, as such frenzied activity is often seen as a sign of speculative excess.

Nevertheless, CoinDesk’s analyst Omkar Godbole sees positive momentum for XRP in the short term. “XRP is holding steady above $1 after its strongest rally in three years,” Godbole noted. “While intraday charts suggest a potential pullback, this could set up another upward move. Momentum indicators on longer-term charts remain firmly bullish, with key supports at 96 cents and 65 cents, and resistance levels at $1.26 and $1.40.”

As of Wednesday afternoon in Asia, XRP is trading just above $1, while DOGE hovers close to 40 cents.