South Korea Crypto exchanges more processed Dogecoin traded yesterday as the average volume of stocks traded on the country’s traditional stock exchanges, data from multiple sources shows.
Dogecoin on
According to local news agency HankyungThe average daily trading volume of the Korea Composite Stock Price Index (KOSPI) – a representative index of Korean companies – was only $ 9 billion in April 2021.
Other relevant reports also show that the volume of stocks in Korea reached a maximum of 12 trillion won ($ 10 billion) in a few months last year.
But the meme frenzy dwarfed that yesterday. According to data from the CoinGecko market tool, Dogecoin volume on the Korean exchange UpBit alone has excelled over $ 16 billion. On the flip side, smaller exchanges like GoPax and Huobi Korea made over $ 50 million and $ 20 million, respectively.
However, it is unknown how much of that volume was used for “wash” trading – using trading bots to increase trading volume with no actual demand.
Dogecoin volume was also larger than Korea’s forex numbers. “Korean currencies cost US $ 7 to 8 billion a month, which is US $ 200 to 300 million a day. Doge’s trading volume on Upbit was $ 13 billion last night, so Doge is bigger, ”tweeted Doo Wan Nam, Seoul-based director of business development for MakerDAO Asia.
Korean currencies cost $ 7 to $ 8 billion a month, which is $ 200 to $ 300 million a day. Doge’s trading volume on Upbit was $ 13 billion last night. Yes, so Doge is bigger
– Doo (@DooWanNam) May 5, 2021
Indeed, a local report The forex volume quoted by Nam has remained in the $ 5 billion to $ 8 billion range for the past few months.
Why crypto over stocks?
How CryptoSlate previously reportedThe high volume of crypto trading by Korean investors is the result of high-risk, high-income games that could bring them higher returns on capital in a short period of time compared to the low returns offered by banks and traditional financial institutions.
Traditional “stock exchange funds” or other market tracking indices show a steady decline in the country anyway.
Data from the country’s Financial Investment Association and the Financial Services Commission showed that cash inflows fell by more than 10 trillion won from 74 trillion won in January 2021 to 63 trillion won at the end of last month – a difference of over 10 trillion won. 8 billion USD). Over the same period, the inflows for crypto exchanges were higher than usual.
Data also showed that cryptocurrencies worth over 445 trillion won ($ 392 billion) were already trading on local exchanges in the first two months of 2021 – an amount larger than the total trading volume last year ($ 356 billion) Trillion won or $ 314 billion). .
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