According to data from Kaiko, South Korean crypto traders are not necessarily Bitcoin or Ethereum maximalists, but rather XRP maximalists. In fact, XRP is the most popular cryptocurrency in South Korea after Bitcoin, accounting for 12% of non-BTC and ETH volume.

The collective volume for the top 20 most-traded cryptocurrencies on South Korea's biggest exchanges was $201.8 billion from the start of the year up to May 30, with Bitcoin and Ethereum seeing $36.7 billion and $8.9 billion in trade, respectively.

The surge in XRP trading volume in late March and early April, coupled with anticipation of Ripple's legal battle with the SEC, contributed to XRP's dominance in South Korea.