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Dogecoin Craze Grips Korea, Fuels Price Premium on Local Giants Upbit and Bithumb
DOGE's price has surged 78% since Trump's election win a week ago.
Updated Nov 13, 2024, 9:52 a.m. Published Nov 13, 2024, 7:00 a.m.
- DOGE trades at premium on Upbit and Bithumb relative to Binance.
- The price differential is still noticeably lower than the previous bull market peaks.
When it comes to trading alternative cryptocurrencies such as dogecoin , South Korea, known as the "Land of the Morning Calm," is often in stark contrast to its tranquil image.
Today is just that day as Koreans seem to be jumping into the DOGE market, driving prices higher and creating a noticeable premium on local exchanges Upbit and Bithumb relative to global giant Binance.
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At press time, Upbit and Bithumb's DOGE/KRW pairs, adjusted for the USD/KRW exchange trade, traded 1.5% higher than Binance's DOGE/USDT, drawing the largest premium in three months, according to data source TradingView.
Premiums reflect renewed Korean appetite for DOGE, which has surged 78% since pro-crypto Donald Trump won the U.S. Presidential election a week ago.
Trading volume data suggests the same. According to 10x Research, DOGE has topped the charts as the cryptocurrency with the highest trading volume on Upbit and Bithumb since Trump's victory. The latest 24-hour trading volume for DOGE pairs tallies a remarkable $8 billion, equivalent to 57% of the total market capitalization of all stocks in Korea, Markus Thielen, founder of 10x Research said in a note to clients Wednesday.
DOGE has gained 227% in 30 days amid long-time crypto fan and billionaire tech entrepreneur Elon Musk's plans to start the "Department of Government Efficiency, a new wing in the Trump administration, abbreviated as D.O.G.E in a homage to the meme cryptocurrency.
On Tuesday, President-elect Donald Trump appointed Elon Musk and Vivek Ramaswamy to lead the D.O.G.E department.
A spike in Korean demand is typically associated with speculative fervor, often seen at market peaks. However, current premiums on local exchanges are noticeably lower than the highs recorded in March and are significantly less than the double-digit price differentials observed in early 2021.
So, there is excitement, but without the speculative frenzy observed at the bull market peaks and other things being equal, prices may continue to rise.
Options traders bet on the $1 breakout
Options activity on PowerTrade, a crypto exchange focused on derivatives tied to alternative cryptocurrencies (altcoins), points to expectations of DOGE's price topping the $1 mark by the end of January.
"A client has bought 10K DOGE call options at the $1 strike expiring on Jan. 25 for $0.058 per contract," PowerTrade told CoinDesk Tuesday, explaining a similar outsized bet in the December expiry options.
A $1 call option is essentially a bet that prices will surpass that level by the settlement date.
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