South Korean cryptocurrency exchange Upbit — the country's largest crypto venue by trading volume, operated by fintech firm Dunamu and frequently ranked among the world's busiest exchanges — recorded 1.15 trillion won, approximately $830 million, in one-hour trading volume on August 22, 2026. The spike came around 05:00 UTC, shortly after a sharp flash crash hit major cryptocurrencies. Trading surged across South Korea's largest exchanges, with XRP and TRUMP leading activity on Upbit as elevated volumes were also recorded at Bithumb and Coinone during the selloff.

The burst of activity capped two days of rising turnover on South Korean platforms, following months of subdued trading across the domestic crypto market. Korean retail flows are closely watched as a gauge of broader crypto sentiment, in part because surges in local demand have historically pushed prices on domestic platforms above global spot levels — a gap known as the kimchi premium.

XRP and TRUMP Lead Upbit Trading

According to Upbit Datalab, XRP accounted for 32.20% of Upbit's 24-hour trading volume. TRUMP, the memecoin associated with U.S. President Donald Trump that launched in January 2025, followed with 10.93%, while USDT ranked third at 8.39%. Ethereum and Bitcoin completed the top five, contributing 5.44% and 5.40%, respectively.

Upbit's total 24-hour volume reached approximately $3.818 billion. The hourly surge followed a wider market selloff that began at 05:00 UTC, when major assets dropped quickly before prices entered heavy volatility. That move pushed traders toward XRP and TRUMP, which recorded the largest shares of Upbit activity over the period. The exchange's daily volume had already climbed the previous day.

Upbit Volume Jumps 273% in One Day

On August 21, Upbit's daily trading volume jumped 273% to roughly $1.84 billion, marking the exchange's highest daily volume since mid-March. XRP again ranked first on the platform, generating $418.9 million in volume during that session. Bitcoin, USDT, and Ethereum followed XRP among the most traded assets.

Bithumb also recorded stronger activity on August 21, with its daily volume rising 132.9% to approximately $934.9 million. The increase continued into August 22, when South Korea's major exchanges posted elevated trading volumes throughout the selloff. Bithumb recorded $1.954 billion in daily volume, while Coinone reached $172 million.

South Korean Exchanges See Higher Activity

The latest figures came after several months of weaker trading activity across South Korea's cryptocurrency market. During that period, domestic equities drew more attention as the KOSPI reached record highs, with the rally driven by demand for AI-related semiconductor stocks. Because Korean exchanges derive the bulk of their revenue from trading fees, the quieter market flowed directly into results: both Upbit and Bithumb reported operating revenue declines of nearly 50% during the first half of 2026.

The August 22 flash crash then brought heavier trading to Upbit, with XRP and TRUMP accounting for large portions of platform activity. The exchange's one-hour volume reached 1.15 trillion won during that period. With fee income tracking volume so closely, the open question for the platforms is whether the turnover rebound outlasts the volatility-driven spike that produced it.