Korean Exchanges See Dogecoin Premium Rise Amid Trump-Driven Crypto Enthusiasm
Prices are rising, and local exchanges Upbit and Bithumb are seeing a noticeable premium over the global giant Binance due to the apparent influx of Koreans into the DOGE market today. The DOGE/KRW pairs from Bithumb and Upbit, adjusted for the USD/KRW currency deal, were 1.5% higher than Binance’s DOGE/USDT, drawing the largest premium in three months, according to data source TradingView. Korean demand for DOGE has risen 78% since pro-crypto Donald Trump won the U.S. presidential election a week ago, and premiums reflect this renewed enthusiasm.
Dogecoin Trading Volume on Upbit and Bithumb Surges to $8 Billion After Trump Win
Data on trading volume points to the same conclusion. Since Trump’s victory, DOGE has been the cryptocurrency with the largest trading volume on Bithumb and Upbit, according to 10x Research. In a note to clients on Wednesday, the research firm stated that the most recent 24-hour trading volume for DOGE pairs totals an astounding $8 billion, or 57% of the market value of all Korean stocks.
Usually observed during market peaks, speculative fervor is linked to an increase in Korean demand. Today’s premiums on local exchanges, however, are much smaller than the double-digit price differences seen in early 2021 and much lower than the March highs.
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