The South Korean virtual asset market is experiencing explosive rise.

In July, the South Korean virtual asset market experienced a significant recovery, showing a "rise in both volume and price" in a booming market. As of the evening of July 24, the leading cryptocurrency exchange in South Korea saw its 24-hour trading volume exceed $10.2 billion, with a rise of up to 94.5%. The second-ranking platform also witnessed a surge, with a 24-hour trading volume exceeding $3.2 billion and a rise of 61.5%.

The signs of this wave of enthusiasm have long been evident. Data shows that from July 13 to 19, the trading volume of stablecoins on South Korea's five major cryptocurrency exchanges reached 22.26 trillion won (approximately 1.62 billion USD).

The trading enthusiasm of Korean investors began to manifest on July 11, when XRP tokens became the focus. Analysis shows that the price of XRP rose from $2.60 to $3.00 within a few hours, with a total net buying pressure of $45 million in the spot market, of which 70% came from the largest trading platform in Korea.

XRP has always been one of the most favored virtual assets among Korean investors, accounting for about 15% of the global trading volume. On July 18, XRP broke through the $3.6 mark, reaching a new high in six months. As of July 24, the price of XRP was around $3.16, with a 24-hour trading volume of $2.28 billion on Korea's largest trading platform, firmly maintaining its position as the platform's hottest asset.

On July 23, the SAHARA token experienced a second wave of excitement, with a maximum daily increase of 86%. As of the evening of July 24, its 24-hour trading volume reached $2.3 billion, with nearly half of the spot trading coming from two major trading platforms in South Korea.

After the SAHARA token's pullback, the NEWT token has surged. As of the evening of July 24, NEWT has risen over 70% in 24 hours, with a trading volume reaching $1.78 billion, of which over 60% comes from South Korean trading platforms, highlighting the concentration and influence of retail investors in South Korea.

In addition, Korean investors have also driven the rise of several tokens such as Hyperlane, Babylon, HUMA, LISTA, and MERL.

Against the backdrop of Bitcoin reaching new highs, ETH rebounding, and an optimized regulatory environment, the listing speed of Korean trading platforms has also clearly accelerated. According to reports, as of July 21, the five major virtual asset trading platforms in Korea have listed a total of 229 types of Korean won virtual assets, accounting for 85.44% of last year's total. The number of listings on the two major platforms this year has already surpassed last year's total, and it is expected that this year may see the most cryptocurrencies launched in nearly five years.

This wave of "token listing frenzy" has not only provided more options for speculative funds but also led to constant changes in market hotspots. However, the intense influx of capital and rapid rotations have also brought significant volatility risks: some popular tokens have experienced short-term pullbacks of over 10%, with a dense occurrence of contract liquidations. If liquidity suddenly reverses, prices will face sharp fluctuations.

Analysts warn that as the altcoin craze finally arrives, the behavior of South Korean investors may change significantly. With a large influx of new funds, South Korean investors' enthusiasm for altcoins often exceeds that of overseas markets. The FOMO mentality plays an important role in small investments, sometimes bringing huge risks to investors.