South Korean Crypto Exchange Achieves Record Trading Volume Driven by XRP and TRUMP
Money

South Korean Crypto Exchange Achieves Record Trading Volume Driven by XRP and TRUMP

authorBy Chika Uwazie
DateAug 22, 2026
Read Time3 min

South Korea's leading cryptocurrency exchange, Upbit, recently experienced a monumental surge in trading volume, registering an astonishing 1.15 trillion won, equivalent to roughly $830 million, within a mere hour on a Saturday. This exceptional trading frenzy was predominantly propelled by the enthusiastic trading of XRP and TRUMP digital assets. This recent spike underscores a significant market resurgence, building upon a rebound initiated the preceding day, which saw Upbit's daily volume escalate by an impressive 273%.

Details of Upbit's Unprecedented Trading Spurt

The stellar performance of XRP was a primary catalyst for this record-breaking activity. Data from Upbit Datalab revealed that XRP constituted a dominant 32.20% of Upbit's 24-hour trading volume, securing its position as the top-traded asset. Following closely, TRUMP tokens accounted for a substantial 10.93% of the total volume. Other notable cryptocurrencies contributing to the exchange's vibrant trading landscape included USDT at 8.39%, and both Ethereum and Bitcoin, which each contributed approximately 5.4%.

On the day of this extraordinary surge, Upbit's total 24-hour trading volume reached approximately $3.81 billion. In comparison, rival exchanges Bithumb and Coinone reported volumes of $1.954 billion and $172 million, respectively. This Saturday's remarkable trading activity was not an isolated incident but rather an extension of a strong upward trend. Just days prior, on August 21st, Upbit's daily volume had already climbed by 273%, reaching roughly $1.84 billion, marking its highest daily turnover since mid-March. During that earlier rebound, XRP also led the charge, contributing $418.9 million and surpassing Bitcoin, USDT, and ETH in trading volume. Bithumb mirrored this trend with its volume increasing by 132.9% to about $934.9 million.

This renewed vigor in the cryptocurrency market follows several months of relatively subdued activity among South Korean investors. During that period, many local investors had shown a preference for domestic equities, particularly as the KOSPI index soared to unprecedented heights, driven by the booming demand for AI-driven semiconductors. Both Upbit and Bithumb had previously reported nearly 50% declines in operating revenue during the first half of the year 2026. However, the recent rebound signals a potential shift in investor sentiment back towards digital assets. XRP's rally, trading near $1.44 and demonstrating a 2.1% increase over 24 hours (despite an intraday flash crash) and nearly 50% over the past week, was bolstered by Ripple's endorsement of a significant XRP Ledger amendment and robust ETF inflows. TRUMP tokens also showed impressive resilience, trading near $2.34, with a 26% gain in 24 hours and over 66% in the past week, rebounding significantly from its all-time low of $1.37 just nine days prior. Speculation surrounding a potential Robinhood Chain launch has further ignited interest in these tokens, alongside a broader recovery witnessed across Solana-based meme assets. The crucial question that remains for South Korean traders is whether this two-day surge represents a sustainable rotation back into the crypto market or merely another fleeting wave, a pattern observed multiple times throughout the current year.

The recent surge in Upbit's trading volume highlights the dynamic and often unpredictable nature of the cryptocurrency market. The significant influence of specific tokens like XRP and TRUMP underscores the importance of project developments and market narratives in driving investor interest. For market observers, this event offers a compelling case study on how external factors, such as traditional equity market performance and technological advancements (like ETF inflows and blockchain amendments), can dramatically impact trading behaviors. It also emphasizes the need for continuous monitoring of market trends and investor sentiment to understand the long-term sustainability of such rapid upturns. Whether this signals a lasting shift or a temporary enthusiasm, it undeniably reaffirms the enduring allure and volatility inherent in the digital asset space.

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