Dogecoin’s price drop below $0.40 has caused its trading volume to spike and South Korean exchanges have capitalised on the trend.
Dogecoin has fallen 5 over the past 24 hours as it trades for $0.385 on major exchanges including Binance, Bybit, Coinbase, and OKX. The cryptocurrency saw its price decline but its daily trading volume grew by 4%, to reach $32.3 billion, suggesting more interest in the cryptocurrency.
Dogecoin Trading Surges on South Korean Platforms Amid Market Rally
Platforms in South Korea, such as Upbit and Bithumb, have become popular for trading in the token. CoinGecko says that Dogecoin is leading Upbit trading volume, clocking in at $4.9 billion at $0.391 per coin. The token’s price is higher on Bithumb at $0.393, and has a volume of $1.7 billion.
Premiums are common during market highs but the surge in trading volume is a peak for Dogecoin as well. Much of the broader cryptocurrency market has been buoyed by hopes that Bitcoin could hit $100,000 after the U.S. elections.
You’ve seen historically how in the past, when Bitcoin’s price ralley gets, altcoins including Dogecoin like to come along and ralley with it.Elon Musk’s involvement with DOGE has been a key driver and besides that.
Past comments of his caused several price jumps in his influence on the meme coin. Recently, Musk was tapped to serve as a leader in a new government agency, the Department of Government Efficiency, a designation the crypto community played along with, calling it ‘DOGE.’ A Trump administration will create this department looking to prune government bureaucracy, trim needless regulations and consolidate federal agencies.
