In the wake of Trump’s win, Koreans ramp up their investments in DOGE, XRP, and XLM, with a growing interest in SAND Token.

Following the U.S. presidential election on November 5, 2024, the South Korean crypto community has experienced a notable revival, with retail investors flocking back to the market, particularly focusing on smaller cryptocurrencies. Despite the devastating impact of the Terra/Luna crash in 2022, South Korea’s largest exchange, Upbit, has seen an 11-fold increase in trading volume, hitting $14.3 billion. The boost in volume follows the victory of pro-crypto candidate Donald Trump, whose stance on digital assets has reignited optimism.

Among the beneficiaries of this retail-driven surge are cryptocurrencies like XRP, Dogecoin (DOGE), and Stellar (XLM). These tokens have seen substantial growth, with DOGE climbing 188%, XRP 164%, and XLM a staggering 463% in just a month. Notably, the DOGE/KRW pair has been the most traded on Upbit for 10 days in a row, while XRP and XLM also saw significant trading volumes. Despite these impressive gains, however, the tokens still remain below their 2021 peak prices, signaling that while the momentum is strong, it has not yet reached the speculative heights seen in previous bull runs.

Markus Thielen, founder of 10x Research, noted that Bitcoin’s dominance in terms of trading volume has been overtaken by these altcoins. The growing interest in altcoins suggests a shift away from Bitcoin as the market leader, with traders now seeking higher-return opportunities among smaller tokens. This trend is reflective of a larger market shift, as investors look for assets with greater potential for short-term gains.

The excitement is not confined solely to cryptocurrencies but is also extending to the metaverse sector, with SAND, the token for the Sandbox platform, gaining over 200% this month. Although it remains significantly below its 2021 peak of $8.49, the token’s impressive trading volume of $2 billion on Upbit points to renewed investor interest in metaverse and gaming-related assets.

Overall, the post-election crypto landscape in South Korea is marked by a strong resurgence of retail investor activity, with altcoins and metaverse tokens leading the charge. Investors are closely monitoring the shifting dynamics of the market, which could indicate a broader bull market in the making.