Bullish Trends Emerge in Cryptocurrency Market

Following the November election results, the anticipated 2024 bull run has commenced, with Dogecoin (DOGE) and XRP leading the charge internationally. On-chain data from CoinGecko indicates that DOGE and Ripple's XRP have surpassed Bitcoin in certain Asian markets, particularly South Korea.

In South Korean cryptocurrency exchanges like Upbit and Bithumb, trading volume for XRP and Dogecoin (DOGE) now significantly exceeds that of Bitcoin (BTC). This market frenzy has fueled a rapid surge in the prices of these two tokens within the cryptocurrency market.

Dogecoin and XRP Drive Memecoin Surge

According to CoinGecko, XRP and DOGE accounted for up to 30% of trading activity on Upbit, South Korea's prominent cryptocurrency exchange, and over 20% on Bithumb over the past 24 hours. This is significantly higher than Bitcoin, the traditional leader, reflecting a surge in demand for these meme tokens within the country.

However, some of this volume could potentially be attributed to wash trading, a practice involving automated programs that repeatedly trade a token to create an illusion of an active market.

Upbit currently leads in XRP dollar trade volumes across all global exchanges in the past 24 hours, including Binance and Coinbase. Binance and Coinbase continue to hold the top positions for DOGE trading volumes globally.

Both coins have exhibited strong performance in recent weeks. Data shows that both tokens have appreciated by over 100% in the past 14 days, with their futures products reaching yearly highs.

US Regulatory Landscape Impacts Crypto Markets

South Korean traders have a history of fueling bullish token rallies, contributing to buying pressure and influencing cryptocurrency prices.

XRP's recent gains commenced last week as the evolving regulatory environment in the United States boosted growth in tokens linked to businesses formerly hindered by Securities and Exchange Commission (SEC) actions.

DOGE, meanwhile, has experienced a surge following a Republican victory in the United States, prompting renewed promotional efforts by tech magnate Elon Musk, who was designated to lead the proposed Department of Government Efficiency (D.O.G.E) non-governmental agency under the Trump administration.

The surge in activity in South Korean markets could be a response to these developments in the United States. Analysts caution, however, that these coins may not sustain their high market positions, particularly if bots are influencing prices in Asian markets.