According to data provided by CoinMarketCap, XRP is the most traded cryptocurrency on Upbit, the leading South Korean cryptocurrency exchange.

The XRP/KRW pair generated $448.5 million in trading volume over the last 24 hours.

Notably, the SHIB/KRW pair comes in a distant second place with $178.5 million worth of trading volume.

Bitcoin, the leading cryptocurrency, is only in third place with $171.4 million.

A major crypto hub

South Korean traders are particularly keen on altcoins, with smaller tokens typically attracting substantial trading volumes on local exchanges.

As reported by U.Today, the Korean won managed to surpass the U.S. dollar by global trading volumes back in April.

The cryptocurrency market is so popular in South Korea that it even became an election issue earlier this year, with politicians trying to pander to cryptocurrency-friendly voters.

XRP and SHIB stealing the show

As reported by U.Today, XRP recently became the talk of the town within the cryptocurrency community with elevated levels of FOMO.

The token experienced a price spike due to speculation surrounding a rumored settlement meeting between Ripple and the U.S. Securities and Exchange Commission.

However, the token experienced a dramatic plunge after the much-hyped meeting got canceled.

In the meantime, the SHB price recently took a hit due to the WarizX hack. As reported by U.Today, the attacker stole roughly $100 million SHIB tokens from the exchange. The price of the second-largest meme coin plunged 10% on the news, but it later recovered after the hacker sold all of their tokens.