Trading data suggests the recent rally was largely driven by South Korean traders. According to CoinGecko, IP’s daily trading volume surpassed $300 million on January 13—the highest level since its dramatic sell-off last October.

More than 47% of that volume came from Upbit, making it the dominant venue for IP trading. While this concentration highlights strong regional demand, it also suggests the rally was not driven by broad global adoption, increasing the risk that momentum could fade if local sentiment shifts.