Token Solar (SXP) and ICON (ICX) are currently very popular among Korean traders.
SXP price chart. Source: TradingView
The two tokens have rallied as much as 40% in the past 24 hours, with trading volumes in the hundreds of millions of dollars on local South Korean cryptocurrency exchanges.
ICX price chart. Source: TradingView
CoinGecko data shows that the ICX-KRW token pair (Korean Won) traded over $420 million on Upbit, the country’s popular exchange. The SXP-KRW pair traded over $490 million in volume, more than Bitcoin (BTC) or Ether (ETH) pairs.
In both cases, trading volumes outpaced market capitalization: SXP has a market capitalization of around $458 million at press time, while ICON is worth $417 million.
Solar Network is the payments-focused blockchain rebranded by Swipe, which was previously a debit card provider. Binance, the world’s largest cryptocurrency exchange by trading volume, acquired Swipe in 2020. Last week, Binance said it would support the SXP token transition in the coming days — which could mean that this could be the reason for the community’s recent focus on the token.
ICX is popular in South Korea because it is a native token. The network allows users to transfer tokens between different blockchains, allowing ICX to be used for staking, network governance and staking on decentralized finance platforms.
South Korean cryptocurrency traders have been instrumental in fueling the hyped rally for both coins. The Kimchi Premium indicator is where it comes from. By then, bitcoin prices on local exchanges could be 30 percent higher than prices on international exchanges.
XRP saw a similar rally last week: Upbit led global XRP trading volume with $790 million in 24 hours on March 30.
However, it is still advisable to beware of such sudden volume spikes as this can be caused by wash trading – a manipulative technique where traders repeatedly buy and sell the same asset in order to increase volume. Impressions of market performance.
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According to Coindesk