30s Summary

South Korean investors are becoming increasingly interested in Dogecoin (DOGE), driving prices up and creating a premium on local exchanges Upbit and Bithumb in comparison to Binance. Prices on the former two exchanges are trading at a premium of approximately 1.5% higher than Binance. DOGE’s value has also increased by 78% since Trump’s presidential win. Additionally, DOGE currently dominates the trading volume charts, accounting for roughly 57% of all stock trades in Korea. The recent surge in DOGE’s popularity and value also correlates with Elon Musk’s plan to establish a “Department of Government Efficiency”.

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You’d better pay attention to this if you’re into trading Dogecoin (DOGE)! Right now, people in South Korea seem to be really getting into DOGE; they’re pushing up prices and even creating a bit of a premium on the local exchanges Upbit and Bithumb compared to Binance, which is one of the biggest worldwide.

What’s interesting here is that the prices on Upbit and Bithumb are trading about 1.5% higher than on Binance – the largest premium in the last three months, according to TradingView data. If we interpret this correctly, that’s an indication of the strong interest Koreans have in DOGE. In fact, DOGE’s value has gone up 78% since Trump won presidential election.

Another very cool fact is that DOGE is dominating the trading volume charts. Since Trump’s victory, DOGE came out as the most traded cryptocurrency on both Upbit and Bithumb. It recorded an insane 24-hour trading volume for DOGE pairs at massive $8 billion, which is about 57% of all stocks in Korea!

And don’t forget about Elon Musk’s involvement. In the wake of his plan to kickstart the “Department of Government Efficiency” (a.k.a. D.O.G.E) in connection with the meme cryptocurrency, DOGE has skyrocketed 227% within 30 days. This pushed Korea’s interest in DOGE even further, although not to an extreme point like in early 2021.

So, overall, it looks like something’s cooking in the DOGE market. Excitement is there, prices are climbing, and things could very well continue on an uptrend. We even have options traders betting on DOGE topping the $1 mark by this January’s end. Let’s see how things unfold!