Upbit, South Korea’s largest cryptocurrency exchange, has seen unusual trading activity across several altcoins, with significant deviations from average volumes.
Market analysts are pointing to increased interest in altcoins like Wormhole (W), Beam (BEAM), Pyth Network (PYTH), Waves (WAVES), and Solana (SOL). These assets have seen notable increases in trading volume on Upbit that have diverged sharply from historical averages. Interestingly, the same patterns have not been consistently reflected on Binance, the world’s largest cryptocurrency exchange, suggesting that the volume increases may be localized to the South Korean market.
Wormhole, a key part of cross-chain interoperability, witnessed a trading volume increase of over 112% on Upbit’s 4-hour chart. While its activity on Binance has slightly decreased, the sharp rise on Upbit suggests intensifying demand in South Korea’s crypto trading circles.
Beam, a privacy-focused cryptocurrency, saw the most dramatic volume increase, with 4-hour trading volume on Upbit increasing by a staggering 1,833%. This increase dwarfs any activity observed on Binance, where Beam’s trading volume dropped by nearly 40% over the same time frame.
Pyth Network saw a 176% increase in 1-hour trading volume on Upbit. Similarly, Waves saw a 668% increase on Upbit’s 4-hour chart, while Binance saw a more modest 44% increase. Solana also saw local gains, with trading volume on Upbit increasing by 182% in one hour, while on Binance it was up 48%.
*This is not investment advice.