Photo voltaic (SXP) and icon (ICX) tokens appear to be the brand new bets for South Korean merchants.
Each tokens have rallied by as a lot as 40% prior to now 24 hours with a whole bunch of hundreds of thousands of {dollars} in buying and selling volumes on native crypto exchanges.
The ICX-Korean gained token pair noticed over $420 million in buying and selling quantity on UpBit, a distinguished South Korean change, CoinGecko knowledge exhibits. The SXP-won buying and selling pair noticed over $490 million in quantity, greater than both bitcoin or ether buying and selling pairs.
In each instances, buying and selling quantity exceeded market worth: SXP had a market capitalization of $455 million at writing time on Tuesday, whereas icon’s capitalization is just below $350 million.
The payments-focused blockchain Photo voltaic Community is the rebranded mainnet of Swipe, beforehand a debit card supplier whose buy Binance introduced in 2020. Final week, Binance mentioned it will help a token migration of SXP within the coming days – which can have buoyed latest curiosity.
ICX is well-liked in South Korea for its native roots. The community permits customers to switch tokens between completely different blockchains permitting ICX for use for staking, community governance and collateralization on decentralized finance (DeFi) platforms.
South Korean crypto merchants have a file of pushing euphoric rallies on tokens. The so-called Kimchi Premium originates from the area – the place costs of bitcoin on native exchanges can commerce at a premium of as a lot as 30% above worldwide counterparts.
Final week noticed an analogous rally on xrp (XRP): UpBit led international XRP buying and selling volumes with greater than $790 million price of tokens traded over a 24-hour rolling interval on March 30.
Nonetheless, there’s cause to deal with the figures with warning. A few of these volumes could also be attributable to scrub buying and selling, a manipulative method wherein merchants regularly purchase and promote the identical asset to drive up volumes to create a misunderstanding of market exercise.