South Korea, often dubbed the “Land of the Morning Calm,” has seen anything but calm in its cryptocurrency markets recently. The latest buzz centers around Dogecoin (DOGE), which has been trading at a premium on major local exchanges like Upbit and Bithumb compared to international platforms like Binance. This trend underscores a robust trading enthusiasm for DOGE within the country.
Local Exchanges Outpace Global Giants
As of the latest data, Dogecoin is trading approximately 1.5% higher on South Korean exchanges when adjusted for the USD/KRW exchange rate. This premium marks the highest in three months, showcasing a significant revival of interest in DOGE within South Korea. The surge comes in the wake of Donald Trump’s recent victory in the U.S. Presidential election, boosting the crypto’s value by 78% in just one week, according to CoinDesk.
Trading Volumes Skyrocket
The trading frenzy doesn’t stop at premiums. Dogecoin has now become the cryptocurrency with the highest trading volume on Upbit and Bithumb since Trump’s election win. Over the last 24 hours, DOGE trading volumes have hit a staggering $8 billion, which Markus Thielen from 10x Research notes is equivalent to 57% of the total market cap of all stocks in South Korea. This level of activity indicates not just a spike but a robust market interest in Dogecoin.
Elon Musk’s Influence
Adding fuel to the fire is Elon Musk’s involvement in cryptocurrency. Musk, a long-time advocate for crypto, has proposed establishing the “Department of Government Efficiency,” or D.O.G.E., within the Trump administration, a nod to Dogecoin. This development has seen DOGE’s value jump by 227% in the last 30 days. Musk’s influence, alongside his appointment with Vivek Ramaswamy to lead this new department, has undoubtedly played a significant role in the crypto’s recent performance.
Options Market Reflects Optimism
The options market also reflects this optimism. PowerTrade, a crypto derivatives exchange, has noted significant betting on Dogecoin reaching or exceeding $1 by the end of January. “A client has bought 10K DOGE call options at the $1 strike expiring on Jan. 25 for $0.058 per contract,” PowerTrade shared with CoinDesk, highlighting bets that DOGE will continue its upward trajectory.
A Speculative Trend?
While the current premiums are high, they are still below the peaks observed during previous bull markets. This suggests a level of enthusiasm without the speculative frenzy seen in past highs. However, if the current trends hold, and other factors remain constant, Dogecoin might see further price increases.
Conclusion
Dogecoin’s popularity in South Korea isn’t just a flicker of interest but a blazing trend, fueled by political changes in the U.S., influential endorsements, and a local trading culture that thrives on such speculative assets. As Dogecoin continues to capture headlines, traders and investors are watching closely, hoping to ride the wave of this meme coin’s unexpected rise.
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Disclosure: This article does not provide investment advice. Always conduct your own research before making financial decisions related to cryptocurrencies.