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

韩国的零售商人一直堆积在XRP和Dogecoin（Doge）中，这表明投机交易者会返回风险的情绪。

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

在过去的24小时内，在本地交易所的两个代币交易量越过比特币（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.

在过去一周中，XRP和Doge都攀升了15％以上，超过了比特币的10％的举动，而ETH却飙升了近40％，这是其自2021年以来每周最大的收益。

“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：“风险资产已急剧恢复到现在挑战最热心的熊的水平。” “我们认为，直到更多的宏熊扔进毛巾之前，疼痛贸易仍然是更高的价格。”

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是韩国交易量最大的Upbit，显示了XRP/KRW和Doge/KRW的24小时卷超过2.5亿美元，而比特币和Ether的Ether量仍低于1.5亿美元。

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.

该模式反映了韩国加密货币市场上以前的欣喜零售阶段，通常被称为“ Kimchi Premium”时代，当地投资者在那里积极追逐高挥发性资产。

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

韩国加密货币市场长期以来一直是零售情绪的领先地。

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.

这一举动还与上周大量10亿美元的短暂挤压促进的更广泛的市场集会相吻合，因为在价格上涨的情况下被强行关闭，因此价格上涨。

“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.”

范补充说：“我们赞成这样的观点，即这是一个经典的市场短距离与异常单方面的市场。” “没有证据表明大量ETH ETF流入，表明这纯粹是本地定位事件。”

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.

韩国的热情也反映了改善地缘政治情绪。美国和中国官员周一表示，在猜测这两个超级大国会做什么之后，他们将在90天内将某些商品的关税从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的首席运营官Jeff Mei说：“投资者对加密货币的担忧不太担心，因为美国 - 中国贸易谈判发现解决方案和削减税率的可能性更大。” “如果美联储下个月发出了一个奇特的枢纽，它可能会将比特币推高历史最高水平，并重新点燃美国经济的贷款和投资。”

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.

虽然交易者继续关注六月的机构ETF流量和即将到来的中央银行指导，但短期势头表明，Altcoin猜测正在导致当前的腿部更高。