The cryptocurrency market continues to show dynamic movement, with investor interest shifting across major digital assets. According to CoinGecko data from May 12, 2025, South Korea’s leading exchange Upbit recorded a staggering 24.65 billion USD in trading volume over the past 24 hours. This surge highlights growing engagement in both established and emerging blockchain assets.
At the forefront of this activity are XRP, DOGE, ETH, BTC, and MOVE—five tokens that dominated trading volume on Upbit, capturing significant investor attention. In this deep dive, we’ll explore what’s driving their performance, analyze market trends, and unpack why these particular assets are resonating with traders right now.
Top 5 Most Traded Cryptocurrencies on Upbit
1. XRP – Leading the Pack with $2.43 Billion Volume
XRP claimed the top spot with an impressive $2.43 billion in trading volume, accounting for 9.84% of Upbit’s total activity. Despite ongoing regulatory scrutiny in various jurisdictions, XRP remains a favorite among retail investors, especially in Asian markets where liquidity and sentiment remain strong.
Its fast settlement times and low transaction fees continue to support use cases in cross-border payments, reinforcing its relevance beyond speculative trading.
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2. DOGE – Meme Power Meeters Market Momentum
Dogecoin followed closely behind with $2.32 billion in volume, representing 9.41% of total trades. Originally created as a joke, DOGE has evolved into a serious player during periods of heightened retail participation.
Recent spikes in social media mentions—particularly tied to celebrity endorsements and community-driven campaigns—have contributed to renewed interest. Additionally, increased integration into payment platforms keeps DOGE relevant in everyday transaction discussions.
While often criticized for lacking technical innovation, its cultural impact and brand recognition give it staying power in volatile markets.
3. ETH – The Smart Contract Titan Holds Strong
Ethereum secured third place with $1.48 billion in trading volume (6.0% share), underscoring its role as the backbone of decentralized applications (dApps) and Web3 infrastructure.
With continued network upgrades aimed at improving scalability and energy efficiency, ETH maintains strong institutional and developer support. The rise of Layer-2 solutions built on Ethereum is also fueling demand for the native token as gas fees decrease and user experience improves.
As NFTs, DeFi protocols, and tokenized assets grow in adoption, Ethereum's ecosystem remains central to long-term blockchain innovation.
4. BTC – Digital Gold Still Commands Respect
Bitcoin, despite ranking fourth with $1.45 billion traded (5.9% share), remains the benchmark for the entire crypto market. Known as "digital gold," BTC continues to attract investors seeking a hedge against macroeconomic uncertainty.
Recent macro trends—including inflation data, central bank policies, and global liquidity cycles—have kept Bitcoin in focus. Moreover, the post-halving market cycle appears to be entering a phase of consolidation before potential upward momentum builds again.
Its lower volatility compared to altcoins makes BTC a preferred choice for risk-averse traders during uncertain times.
5. MOVE – Emerging Star with Strong Local Appeal
Rounding out the top five is MOVE, a lesser-known asset that achieved $1.28 billion in trading volume (5.18% share) on Upbit. MOVE is associated with the Movement Labs ecosystem, which focuses on building scalable Layer-2 solutions for next-generation blockchain applications.
The token's surge reflects strong regional interest, particularly among Korean investors who are increasingly exploring high-potential projects in the modular blockchain space. Its integration with emerging DeFi platforms and developer incentives may be contributing factors to its rising popularity.
This performance signals a growing appetite for innovative infrastructure projects beyond the usual suspects.
Why Are These Tokens Gaining Traction?
Several underlying factors explain why these five cryptocurrencies are dominating trading volume:
- Retail Participation: XRP and DOGE thrive on community-driven momentum.
- Institutional Confidence: ETH and BTC benefit from long-term strategic holdings.
- Technological Innovation: MOVE represents next-gen scalability efforts.
- Regional Market Dynamics: Upbit’s user base skews toward Asia, where certain tokens enjoy disproportionate popularity.
Additionally, technical indicators suggest short-term bullish pressure across multiple assets, supported by rising on-chain activity and exchange inflows.
Frequently Asked Questions (FAQ)
Q: Why is XRP performing so well on Upbit despite regulatory issues?
A: While XRP faces legal challenges in some countries, it remains widely accepted in Asian markets like South Korea and Japan. Its utility in fast, low-cost international transfers continues to drive demand regardless of external headwinds.
Q: Is DOGE still relevant in today’s advanced blockchain landscape?
A: Yes—though technically simple, DOGE’s brand strength and massive community make it a cultural phenomenon. It's often used in tipping, microtransactions, and social commerce, giving it real-world utility beyond memes.
Q: What makes MOVE different from other Layer-2 tokens?
A: MOVE is part of a modular blockchain framework focused on scalability and interoperability. Unlike generic L2 solutions, it emphasizes developer tooling and ecosystem incentives tailored for future Web3 applications.
Q: Should I prioritize high-volume coins for trading?
A: High trading volume typically indicates better liquidity and tighter spreads, making entry and exit easier. However, volume alone shouldn’t dictate investment decisions—always assess fundamentals and market context.
Q: How reliable is Upbit’s data for global market analysis?
A: Upbit provides valuable insights into Asian market sentiment but represents only one regional exchange. For a global view, combine its data with other major platforms like Binance, Coinbase, and Kraken.
Market Outlook and Investor Takeaways
The dominance of diverse assets—from legacy giants like BTC and ETH to meme favorites like DOGE and emerging tech like MOVE—illustrates the multifaceted nature of today’s crypto landscape.
Traders are balancing between proven value stores and high-risk, high-reward opportunities. Meanwhile, regional preferences play a crucial role in shaping trading patterns, especially on localized exchanges like Upbit.
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As the market evolves, keeping an eye on both on-chain metrics and exchange-specific behaviors will be key to identifying early movers and understanding shifts in investor sentiment.
Final Thoughts
The latest 24-hour trading data from Upbit reveals more than just numbers—it tells a story about where attention is flowing in the crypto world. Whether driven by nostalgia (DOGE), utility (XRP, ETH), store-of-value appeal (BTC), or technological promise (MOVE), each top-performing token reflects a different facet of digital asset adoption.
For investors and enthusiasts alike, monitoring these trends offers valuable insight into market psychology and emerging narratives shaping the future of finance.
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