Retail traders in South Korea have been piling into XRP and dogecoin (DOGE) in a sign of returning risk-on sentiment among speculative traders.

韓國的零售商人一直堆積在XRP和Dogecoin（Doge）中，這表明投機交易者會返回風險的情緒。

Trading volumes of the two tokens on local exchanges crossed bitcoin (BTC) and ether (ETH) in the past 24 hours.

在過去的24小時內，在本地交易所的兩個代幣交易量越過比特幣（BTC）和以太（ETH）。

Both XRP and DOGE have climbed more than 15% over the past week, outpacing bitcoin’s 10% move, while ETH has soared nearly 40%, marking its biggest weekly gain since 2021.

在過去一周中，XRP和Doge都攀升了15％以上，超過了比特幣的10％的舉動，而ETH卻飆升了近40％，這是其自2021年以來每週最大的收益。

“Risk assets have recovered sharply to levels that are now challenging even the most ardent bears,” said Augustine Fan, head of insights at crypto options platform SignalPlus. “We believe the pain trade remains to be higher prices until more macro bears throw in the towel.”

Crypto Option Platform SignalPlus Insights SignalPlus Insights主管Augustine Fan表示：“風險資產已急劇恢復到現在挑戰最熱心的熊的水平。” “我們認為，直到更多的宏熊扔進毛巾之前，疼痛貿易仍然是更高的價格。”

UpBit, the biggest by trading volumes in Korea shows 24-hour volumes on XRP/KRW and DOGE/KRW exceeded $250 million, while those for bitcoin and ether remain under $150 million.

UPBIT是韓國交易量最大的Upbit，顯示了XRP/KRW和Doge/KRW的24小時卷超過2.5億美元，而比特幣和Ether的Ether量仍低於1.5億美元。

The pattern mirrors previous euphoric retail phases in Korea’s crypto market, often dubbed the “Kimchi premium” era, where local investors aggressively chased high-volatility assets.

該模式反映了韓國加密貨幣市場上以前的欣喜零售階段，通常被稱為“ Kimchi Premium”時代，當地投資者在那裡積極追逐高揮發性資產。

Korean crypto markets have long served as a bellwether for retail sentiment.

韓國加密貨幣市場長期以來一直是零售情緒的領先地。

The move also coincides with a broader market rally fueled by a massive $1 billion short squeeze last week as overleveraged positions were forcibly closed amid surging prices.

這一舉動還與上周大量10億美元的短暫擠壓促進的更廣泛的市場集會相吻合，因為在價格上漲的情況下被強行關閉，因此價格上漲。

“We subscribe to the view that this was a classic market short-squeeze against an exceptionally one-sided market,” Fan added. “There’s no evidence of significant ETH ETF inflows, suggesting this was purely a native positioning event.”

範補充說：“我們贊成這樣的觀點，即這是一個經典的市場短距離與異常單方面的市場。” “沒有證據表明大量ETH ETF流入，表明這純粹是本地定位事件。”

The enthusiasm in Korea also reflects improving geopolitical sentiment. U.S. and Chinese officials on Monday said they would heavily cut tariffs on some goods to 30% from 145% for 90 days, following weeks of speculation on what the two superpowers would do.

韓國的熱情也反映了改善地緣政治情緒。美國和中國官員周一表示，在猜測這兩個超級大國會做什麼之後，他們將在90天內將某些商品的關稅從145％降低至30％。

“Investors are less apprehensive about crypto as U.S.-China trade talks find resolution and rate cuts appear more likely,” said Jeff Mei, COO of BTSE. “If the Fed signals a dovish pivot next month, it could push bitcoin past all-time highs and re-ignite lending and investment in the U.S. economy.”

BTSE的首席運營官Jeff Mei說：“投資者對加密貨幣的擔憂不太擔心，因為美國 - 中國貿易談判發現解決方案和削減稅率的可能性更大。” “如果美聯儲下個月發出了一個奇特的樞紐，它可能會將比特幣推高歷史最高水平，並重新點燃美國經濟的貸款和投資。”

While traders continue to watch for follow-through on institutional ETF flows and upcoming central bank guidance in June, the short-term momentum suggests that altcoin speculation is leading the current leg higher.

雖然交易者繼續關註六月的機構ETF流量和即將到來的中央銀行指導，但短期勢頭表明，Altcoin猜測正在導致當前的腿部更高。