South Korea Drives Dogecoin Surge, Igniting Premiums on Upbit and Bithumb
Dogecoin (DOGE) has soared 78% in the week following Donald Trump’s election victory, with South Korean traders leading the charge. Local exchanges Upbit and Bithumb are now trading DOGE at a 1.5% premium compared to Binance, marking the largest disparity in three months, according to TradingView.
DOGE Fever Returns to Korea
South Korea’s appetite for speculative assets has reignited, with DOGE becoming the most traded cryptocurrency on Upbit and Bithumb in recent days. Over $8 billion in 24-hour DOGE trading volume was recorded across both platforms—an amount equivalent to 57% of Korea’s entire stock market capitalization, said Markus Thielen of 10x Research.
Meme Meets Momentum
The rally is driven by a blend of retail enthusiasm and symbolic news. President-elect Donald Trump’s appointment of Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (D.O.G.E.) has added a meme-fueled layer to Dogecoin’s resurgence, pushing its price up 227% over the past month.
Controlled Speculation
While premiums on local exchanges highlight surging demand, the current levels remain well below the euphoric peaks of past bull markets. This indicates that the rally, while exuberant, hasn’t yet reached speculative overheating.
Eyes on the $1 Milestone
Options markets are reflecting bullish expectations, with traders positioning for DOGE to breach the $1 mark. PowerTrade confirmed notable activity in $1 call options for January expirations, signaling confidence in further price gains.
As South Korea’s trading volume and global optimism align, Dogecoin continues to evolve from a playful meme token to a serious contender in the cryptocurrency market.
