Insane Trading Volumes, Massive Gains: South Korean Crypto Traders Go Wild Over Solar And Icon Tokens

South Korean traders have set their sights on Solar (SXP) and Icon (ICX) tokens, which have both rallied by as much as 40% in the past 24 hours, with hundreds of millions of dollars in trading volumes on local crypto exchanges.

The ICX-Korean won token pair alone saw over $420 million in trading volume on UpBit, a prominent South Korean exchange, while the SXP-won trading pair had over $490 million in volume, surpassing both Bitcoin BTC/USD and Ether ETH/USD trading pairs, Coindesk reported.

It is worth noting that in both cases, trading volume exceeded market value, with SXP having a market capitalization of $455 million at writing time on Tuesday, while Icon's capitalization is just under $350 million.

Solar Network, the payments-focused blockchain, is the rebranded mainnet of Swipe, a debit card provider that Binance BNB/USD acquired in 2020.

Recently, Binance announced that it would support a token migration of SXP in the coming days, which may have contributed to the recent interest in the token.

Also Read: Binance's Nightmare: Can A $1B Crypto Deal Survive A Legal Battle With The CFTC?

On the other hand, ICX is known for its local roots and allows users to transfer tokens between different blockchains, making it an attractive option for staking, network governance, and collateralization on decentralized finance (DeFi) platforms.

South Korean crypto traders are known for pushing euphoric rallies on tokens, with the so-called "Kimchi Premium" originating from the region, where prices of Bitcoin on local exchanges can trade at a premium of as much as 30% above international counterparts.

Last week, Ripple XRP/USD also saw a similar rally, with UpBit leading global XRP trading volumes with over $790 million worth of tokens traded over a 24-hour rolling period on March 30.

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