The crypto scene in South Korea is seeing a resurgence following the U.S. presidential election on November 5, 2024, where pro-crypto candidate Donald Trump’s victory has renewed optimism in the market. Retail investors are once again flocking to exchanges, especially Upbit, the country’s largest platform, which accounts for more than 70% of all domestic trading volume. This spike has resulted in an impressive 11-fold increase in trading activity, bringing the total volume to $14.3 billion, as reported by Coingecko.

Leading this charge are smaller altcoins, including XRP, Dogecoin (DOGE), and Stellar (XLM), which have experienced substantial price increases over the past month—DOGE has risen by 188%, XRP by 164%, and XLM by a remarkable 463%. Notably, DOGE/KRW has been the most-traded pair on Upbit for 10 consecutive days, while XRP and XLM also feature prominently in the exchange’s trading volume, marking a return of retail investor enthusiasm reminiscent of the 2021 bull market.

Markus Thielen of 10x Research highlighted that Bitcoin’s dominance in trading volume has been surpassed by altcoins, signaling a shift towards riskier, higher-return opportunities. The surge in these smaller cryptocurrencies suggests that investor interest is diversifying, moving away from Bitcoin and into tokens with greater speculative potential.

The revival is not limited to established altcoins, however. Metaverse tokens, like SAND (The Sandbox), are also seeing renewed interest, with the SAND/KRW pair accounting for 14% of Upbit’s total trading volume. The token has risen over 200% this month, although it remains far below its peak of $8.49 in November 2021. This trend indicates that interest is spreading beyond traditional cryptocurrencies, and investors are looking toward emerging sectors such as metaverse and gaming tokens for future gains.

Overall, the crypto market in South Korea is seeing an exciting and optimistic shift as altcoins and metaverse tokens lead the way in this post-election rally, signaling that a broader bull market could be on the horizon.