• Cardano ($ADA), XRP ($XRP), and Dogecoin ($DOGE) are among the largest crypto holdings among South Korean investors

  • South Korean investors have been betting on a variety of cryptoassets other than the top two by market capitalization – Bitcoin ($BTC) and Ethereum ($ETH) – with their top holdings currently including Cardano ($ADA), $XRP, and the meme-inspired cryptocurrency Dogecoin ($DOGE).

    According to a survey done by different top South Korean cryptocurrency trading platforms, inhabitants in the country are mostly holding the flagship cryptocurrency, with a total of 128,828 BTC valued at more than $5 billion being held by South Koreans.

    South Koreans’ second-largest holding, however, comes as a surprise, with $XRP taking second position. According to the report, South Koreans presently own approximately $4.8 billion in the cryptocurrency, which is placed seventh in terms of market value.

    According to CryptoCompare data, the country’s fiat currency, the South Korean won, accounts for the second-largest trading volume for XRP, trailing only Tether’s USDT. XRP is typically traded against the won on Bithumb and Upbit.

    Ripple, a well-known fintech company and a significant player in the $XRP market, has announced the creation of a new standard known as XLS-20 to “enable developers build more complex and innovative NFT apps” on top of the XRP Ledger. Analysts believe that the price of XRP would experience a “huge run” when the US currency declines.

    Notably, South Koreans own over $4.5 billion of Ethereum and approximately $1 billion of its competitor Cardano ($ADA), which ranks fourth as their greatest holding. Dogecoin, a meme-inspired cryptocurrency, is the driving force behind ADA, with South Koreans holding around $900 million in DOGE.

    It’s worth noting that Cardano’s developer Input Output recently increased the network’s block size by 10%, from 80 KB to 88 KB each block, as network traffic has remained over the 80% threshold for months. The change was made to “improve throughput and DApp performance.”

    The data for the study came from the major four cryptocurrency trading platforms in the region: Bithumb, Coinone, Upbitt, and Korbit. It discovered that over $7 trillion in cryptoassets were traded by investors in the country last year.

    South Korean investors’ holdings of Bitcoin eclipsed the value of their Apple shares, which stood at $5.48 billion. It fell short of the value of Tesla shares possessed, which was close to $17 billion.

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