Dispread Research, the research arm of Web3 consulting firm Dispread, has released a report analyzing the most popular cryptocurrencies in the South Korean market. The report covers data from January 1 to August 25, 2024, focusing on the top 100 cryptocurrencies by market capitalization listed on the country’s five major exchanges.
The analysis was based on three key metrics: global trading volume share captured by South Korean exchanges, consistency of market share, and daily trading volume. “Consistency of market share” measures how stable a cryptocurrency’s share is over time, rewarding assets that maintain a steady presence in the market.
Topping the rankings were Stacks (STX) and Sei (SEI), which took the 1st and 2nd positions, respectively. Both cryptocurrencies performed well across all metrics—market share, consistency, and trading volume—highlighting their strong appeal to South Korean investors.
Stacks is a Layer 2 project on the Bitcoin network that enables smart contracts, with its native token STX used for transaction fees and staking. Sei, a Layer 1 project in the decentralized finance (DeFi) sector, uses its native token SEI for network fees and governance. Sei’s simultaneous listing on multiple South Korean exchanges helped boost its visibility and popularity.
In contrast, Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) ranked 29th, 35th, and 25th in terms of market share, despite having high trading volumes. This suggests that while these cryptocurrencies are still widely traded, their influence in the South Korean market is waning.
Meanwhile, Ripple (XRP), eCash (XEC), and Shiba Inu (SHIB) ranked 3rd, 4th, and 5th, showing balanced performance across the board. Notably, in the meme coin sector, Shiba Inu (SHIB) and Dogecoin (DOGE) ranked 5th and 8th, maintaining their strong presence in the market.
Dispread Research’s lead researcher, Donghyuk Kim, commented, “This analysis highlights how the South Korean crypto market is highly sensitive to global trends, with assets from various narratives, including Bitcoin ecosystems, monolithic layers, meme coins, and AI, ranking highly.”
