Dogecoin Frenzy Arrives In Korea: ‘Kimchi Premium’ Returns Amid DOGE’s 110% Rally
14 Novembre 2024 - 12:00PM
NEWSBTC
Dogecoin (DOGE) continues to lead the crypto market with its 116%
surge over the last week. The memecoin’s frenzy has outperformed
most to 100 cryptocurrencies and even made DOGE’s price in South
Korean exchanges briefly rise higher than global exchanges like
Binance. Related Reading: Solana (SOL) Records 3-Year High As Price
Hits $220, Is $260 Next? ‘Kimchi Premium’ Returns Amid Dogecoin
Rally Trump’s victory sparked a massive crypto market rally,
creating a craze around the leading memecoin Dogecoin. The token’s
trading volume increased 157% in the last seven days, driving
DOGE’s price from trading below the $0.20 mark to above the $0.40
range. This week, the Dogecoin frenzy arrived in South Korea,
eclipsing a significant share of the Korean market. Web3 analyst
Bradley Park highlighted that the memecoin had a remarkable $10.6
billion 24-hour trading volume on the Korean exchange Upbit. Based
on CryptoQuant data, the analyst pointed out that Dogecoin was the
local crypto exchange’s top-traded token, with 32.4% of the total
volume as of Wednesday, surpassing Bitcoin (BTC). Moreover, on
Tuesday, Dogecoin saw a spike in volume globally, reaching $22
billion in a single day. Upbit accounted for 20.7% of DOGE’s global
trading volume, falling second to Binance’s 41.5% share. The
memecoin’s spike in Korean demand sparked DOGE’s “Kimchi Premium”
on Korean top crypto exchanges. “Kimchi Premium” refers to the
price gap of a cryptocurrency between South Korean and global
exchanges. On Tuesday, the DOGE/KRW trading pair on Upbit and
Bithumb briefly surpassed the DOGE/USDT pair on Binance by 1.5%,
recording the largest premium in three months. At the time of
writing, Upbit’s DOGE/USDT trading pair is trading at $0.433, 1.6%
above Binance’s $0.426 trading price. DOGE About To Reach The Moon?
Dogecoin’s performance has sparked a bullish sentiment among
investors. According to crypto analyst Kaleo, the memecoin is “in
the process of making the massive impulse move to the new all-time
Highs at the early stages of a new bull market that it is known
for.” The analyst details that the cryptocurrency makes “swift
moves with massive multiples” around 200 days after the Bitcoin
Halving, with timing between previous ATHs and the beginning of
each move having a “similar cadence.” Related Reading: Market
‘Pricing In A Higher Fair Value’ For Bitcoin As Price Discovery
Continues The analyst noted that Dogecoin still has “a lot of room
to run up” if history repeats itself. He explained that the last
time DOGE moved up from its current levels, it surged 65% to above
the $0.7 mark in 24 hours. Moreover, he highlighted that the last
time the memecoin registered a breakout like this from its BTC
pair, it had a remarkable 175% pump toward its previous ATH. Based
on this, the analyst forecasted that the long-awaited $1 target for
the memecoin will be reached soon. Dogecoin is trading at $0.42, a
9.7% and 114% surge in the daily and weekly timeframes. Featured
Image from Unsplash.com, Chart from TradingView.com
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