Solar Network (SXP) soars at triple-digit rate as XRP loses ground on Korea’s major crypto exchange
The Solar Network (SXP) has become the most profitable asset among the top 100 cryptocurrencies by market capitalization in the last seven days. During this time, the price of SXP increased by more than 200%, reaching its highest level since May 2022.
More intriguingly, the sudden surge in the token’s price was matched by an exponential increase in volumes on important South Korean crypto exchanges. The pattern is identical to what we saw with XRP in late March.
According to CoinMarketCap, SXP has the highest trading volume on Upbit, accounting for over 27% of the total turnover of $1.79 billion. Korean investors traded 1.3 billion SXP on the exchange in the preceding week. Solar token is currently priced at KRW 1,000, with a beginning point of KRW 358.
In the Korean crypto sector, XRP has lost some ground. Once the XRP price peaked locally at KRW 768, or $0.585, trading volumes fell noticeably. The coin is trading at only 11% of the total Upbit turnover, three times lower than just over a week ago.
Nevertheless, on Bithumb, Korea’s second-largest exchange, XRP, continues to account for 27% of total trading volume, which is more than Bitcoin (BTC), Ethereum (ETH), and Solar (SXP) combined.
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