Interestingly, several altcoins experienced unusual trading volume increases on Upbit, South Korea's largest cryptocurrency exchange.
The altcoins in question include Immutable (IMX), The Graph (GRT), Decentraland (MANA), Sei (SEI) and EOS.
IMX's average 1-hour trading volume on Upbit was recorded at $79,000, but recent figures show it rose to $207,000. This represents a significant increase of 162.17%. On Binance, the average 1-hour volume was $150,000, while the last volume was recorded as $197,000, indicating an increase of 31.44%.
GRT performed even more impressively on Upbit, with 1-hour average volume of $167,000 rising by a whopping 187.45% to $479,000. However, trading volume on Binance showed a slight decline of 4.76%, from a rounded average of $1 million, with volume last recorded at around $1 million.
MANA followed the same pattern with its 50 1-hour average volume of $165,000 on Upbit, rising 177.05% to $457,000. On Binance, trading volume increased by 20.53%, reaching the last recorded volume of $341,000 from an average of $283,000.
SEI outperformed them all, skyrocketing 1-hour average volume of $50 million on Upbit to $7 million, a staggering 231.19% increase. On Binance, the transaction volume increased by 18.63%, reaching the last recorded volume of $2 million, from an average of $1 million.
EOS also saw a significant increase in trading volume on Upbit, with the 1-hour average volume rising from $203,000 to $683,000, an increase of 236.12%. However, trading volume on Binance decreased by 32.23% from an average of $243,000 to the last recorded volume of $165,000.
*This is not investment advice.