Korean Traders Fuel Dogecoin Surge, Driving Local Premiums on Upbit and Bithumb
Dogecoin (DOGE) has skyrocketed 78% since Donald Trump’s pro-crypto election victory last week, and South Korea’s trading frenzy is amplifying the rally. Known for its significant influence in the cryptocurrency market, South Korea is now driving a noticeable price premium for DOGE on local exchanges like Upbit and Bithumb.
As of now, DOGE/KRW trading pairs on Upbit and Bithumb, adjusted for the USD/KRW exchange rate, are trading 1.5% higher than DOGE/USDT pairs on Binance, marking the largest premium in three months, according to TradingView data.
South Korea’s Appetite for DOGE
This price differential highlights South Korea’s renewed interest in Dogecoin. Trading volume data corroborates this trend, with DOGE topping the volume charts on Upbit and Bithumb since Trump’s election win. In the past 24 hours alone, DOGE trading volumes on these platforms have reached $8 billion—equivalent to 57% of South Korea’s total stock market capitalization, according to Markus Thielen, founder of 10x Research.
DOGE’s 227% gain over the last 30 days has been fueled by excitement over Elon Musk’s appointment to lead the “Department of Government Efficiency” (D.O.G.E.), a new initiative in the Trump administration. Musk’s long-standing association with Dogecoin has driven speculative enthusiasm, with many seeing the acronym as a nod to the cryptocurrency.
Measuring Speculation
While the renewed Korean interest is notable, the current premiums are modest compared to historical highs. Unlike the double-digit premiums seen during the 2021 bull market, today’s price gaps suggest growing demand without the manic speculation characteristic of market peaks. If this measured excitement persists, DOGE’s upward momentum may continue.
Options Market Signals a $1 Target
Options traders are also betting on DOGE hitting the $1 mark. PowerTrade, a derivatives-focused crypto exchange, revealed that a client recently purchased 10,000 DOGE call options with a $1 strike price expiring on Jan. 25, 2025, at $0.058 per contract. A similar bullish bet was seen in options expiring this December.
Such options activity reflects confidence in DOGE breaking past the psychological $1 barrier, aligning with the broader market’s optimism for the meme-inspired cryptocurrency.
In conclusion, as South Korea fuels Dogecoin’s rally and traders eye a $1 breakout, the cryptocurrency’s journey continues to captivate markets worldwide.
