South Korean crypto traders have embraced a new wave of enthusiasm for smaller cryptocurrencies and metaverse tokens in the wake of Donald Trump’s pro-crypto presidential victory. Upbit, the country’s largest exchange, has seen an 11-fold increase in trading volume, reaching $14.3 billion since November 5. Retail investors are diving into altcoins like DOGE, XRP, and XLM, which have outperformed Bitcoin in recent weeks.

Bitcoin’s price dominance has taken a backseat as altcoins capture the spotlight. DOGE, XRP, and XLM have seen explosive growth, with monthly gains of 164%, 188%, and 463%, respectively, although these tokens are still trading below their 2021 peaks. Upbit data reveals that DOGE/KRW was the most traded pair for 10 days, followed closely by XRP/KRW and XLM/KRW, with the latter accounting for 19% of total trading volume on a recent Sunday.

This shift in trading activity reflects a resurgence of retail investor mania, reminiscent of the 2021 bull market. Markus Thielen, founder of 10x Research, noted that monitoring altcoin trading volume during such periods can provide significant market insights and opportunities for gains.

Adding to the excitement is the renewed focus on metaverse tokens like SAND, which has rallied over 200% this month to $0.76. The SAND/KRW pair accounted for $2 billion in trading volume on Upbit in the past 24 hours, representing 14% of the exchange’s total activity. While SAND remains far below its all-time high of $8.49 in November 2021, its recent performance suggests that South Korean traders are increasingly interested in gaming and metaverse assets.

The parallels to the 2021 bull run are striking, as metaverse and gaming tokens were significant drivers of the market at the time. South Korean traders’ willingness to dive into these tokens indicates a growing appetite for speculative investments, even after setbacks like the Terra/Luna crash of 2022. With Bitcoin trading at near-record highs of $100,000, the broader market appears to be in a bullish phase, but the spotlight is firmly on altcoins and niche sectors like the metaverse.

As retail activity continues to heat up, traders and investors should keep a close watch on the trends emerging from South Korea’s dynamic crypto market. The surge in altcoins and metaverse tokens may signal a pivotal moment, offering opportunities for gains while also serving as a potential indicator of market peaks.