In South Korea, trading volumes for XRP and Dogecoin (DOGE) have significantly surpassed Bitcoin (BTC) this week, marking a notable shift in market activity. According to CoinGecko data, XRP and DOGE together accounted for up to 30% of the trading volume on Upbit, the country’s largest exchange, and nearly 20% on Bithumb in the last 24 hours. These figures represent a clear uptick in interest for the two altcoins, especially when compared to Bitcoin’s usual dominance.

Some of this activity could be attributed to wash trading, a practice where trades are artificially generated to inflate the appearance of market activity. Nonetheless, the volume spikes are substantial and are likely having an impact on XRP and DOGE prices.

In terms of global trading, Upbit led XRP transactions in dollar terms, surpassing major platforms such as Binance and Coinbase. Meanwhile, Binance and Coinbase continue to dominate Dogecoin trading.

Both XRP and DOGE have been top performers over the past two weeks, with XRP benefiting from positive shifts in the U.S. regulatory environment, particularly regarding its ongoing legal battle with the SEC, which has buoyed sentiment around tokens related to Ripple Labs. Dogecoin’s recent surge has been fueled by a combination of political developments, including a Republican election victory in the U.S., as well as Elon Musk’s renewed advocacy for the token, particularly with his potential involvement in leading a new government initiative under a future Trump administration.

The heightened attention from South Korean traders could signal a potential market top, as speculative activity often peaks during such frenzied periods. However, CoinDesk analyst Omkar Godbole remains optimistic about XRP’s short-term outlook. “XRP is holding strong above $1 after its most powerful rally in three years,” Godbole said. “Although short-term charts suggest the possibility of a pullback, it could set the stage for further gains. Longer-term indicators are bullish, with key support levels at 96 cents and 65 cents, and resistance at $1.26 and $1.40.”

As of Wednesday afternoon in Asia, XRP is trading slightly above $1, while Dogecoin is just under 40 cents.