Dogecoin mania enters South Korea despite falling below $0.40

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As a seasoned researcher with a deep-rooted interest in the cryptocurrency market, my initial observation of Dogecoin’s (DOGE) recent price drop to $0.385 and subsequent surge in trading volume is intriguing. The fact that this increase in interest is coming from South Korean exchanges like Upbit and Bithumb, which are now leading in DOGE trading volume, is a testament to the global appeal of the meme coin.

The drop in Dogecoin‘s price under $0.40 resulted in an increase of its trading activity, with major South Korean exchange platforms benefiting significantly from this trend.

As I analyze the current market situation, it’s apparent that Dogecoin (DOGE) has experienced a 5% decrease over the past 24 hours. At this moment, DOGE is being traded at approximately $0.385 on prominent platforms like Binance, Bybit, Coinbase, and OKX.

Although Dogecoin’s price dropped, its daily trading volume surged by 4%, hitting an impressive $32.3 billion. This growth indicates a growing appetite for the top meme token, with Upbit and Bithumb, prominent South Korean cryptocurrency exchanges, showing increased involvement, as suggested by CoinGecko data.

As a researcher, I’m observing an interesting trend: Dogecoin is dominating the trading volume on Upbit, with a whopping worth of approximately $4.9 billion. This figure trails only behind Binance’s DOGE/USDT pair. Remarkably, in the context of Upbit, Dogecoin, the meme-inspired cryptocurrency, is currently exchanging hands at around $0.391.

On Bithumb, DOGE is even at a higher premium — it’s changing hands at $0.393 with a trading volume of $1.7 billion, according to CoinGecko.

At present, the trading activity of Dogecoin is at an all-time high, and historically, market premiums have emerged during market peaks. However, there’s a growing interest in cryptocurrencies post the U.S. elections, as many speculate that Bitcoin‘s (BTC) price could hit $100,000 by the end of this month.

Bitcoin’s price rally usually takes the altcoins on a roller-coaster rise.

One positive influence on Dogecoin (DOGE) could stem from Elon Musk’s actions. In the past, Musk’s comments about this meme-based cryptocurrency have significantly affected its value, causing sudden price surges.

According to an article on crypto news, Elon Musk and Vivek Ramaswamy, the founder of Roivant Sciences, have been named as leaders for a department known as DOGE (Department of Government Efficiency) in the crypto community.

During Donald Trump’s presidency, a new agency was planned to streamline government operations. According to the president-elect, this agency aimed to reduce bureaucratic red tape, minimize unnecessary regulations, trim down excessive spending, and reorganize federal departments for better efficiency.

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2024-11-13 14:42