Dogecoin Craze Grips Korea, Fuels Price Premium on Local Giants Upbit and Bithumb
Dogecoin (DOGE) has experienced a surge in trading activity in South Korea, showing a notable premium on local exchanges Upbit and Bithumb compared to Binance. Currently, DOGE is trading 1.5% higher on these Korean exchanges than they are on Binance, marking the highest premium in three months. This increase in demand follows the recent victory of pro-crypto Donald Trump in the U.S. Presidential election, driving DOGE prices up by 78%. Moreover, DOGE's trading volume has reached approximately $8 billion in the last 24 hours on these local exchanges, representing 57% of Korea's total stock market capitalization. Despite this excitement, the trading premiums are lower than previous market peaks, suggesting a more tempered interest rather than the speculative fervor seen in past bull runs. According to options traders, expectations are building around DOGE breaking the $1 mark by the end of January, with notable options activity indicating confidence in this price target.
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