Dogecoin Fever Sweeps South Korea as Local Premiums Rise
Dogecoin (DOGE) has surged 78% in the week following Donald Trump’s pro-crypto election victory, with South Korean traders driving demand and pushing prices to a premium on local exchanges Upbit and Bithumb. Adjusted for currency exchange rates, DOGE prices on these platforms are trading 1.5% higher than on Binance, the largest premium seen in months, according to TradingView data.
A Speculative Surge in the Land of the Morning Calm
Trading volumes for DOGE have skyrocketed, with 24-hour activity on Upbit and Bithumb totaling over $8 billion—outpacing the entire daily trading volume of Korea’s stock market. Markus Thielen, founder of 10x Research, said in a client note that “South Korean traders are once again showing their outsized influence on speculative crypto markets.”
Meme Mania Meets Policy Symbolism
The renewed enthusiasm for DOGE is partially tied to its symbolic connection to Elon Musk’s appointment to co-lead the newly announced Department of Government Efficiency (D.O.G.E.), a key initiative under the incoming Trump administration. Musk’s involvement has reignited global attention on the meme-inspired cryptocurrency, propelling its 227% price increase over the past month.
Optimism Without Overheating
Despite the heightened interest, the local premium remains well below levels seen during the peak of previous bull markets. This suggests the current rally may have more room to grow without being at immediate risk of speculative exhaustion.
$1 in Sight: Options Traders Bet Big
Options market data reveals growing bets on DOGE breaking the $1 threshold. PowerTrade recently reported a significant purchase of $1 strike call options expiring in January, reflecting rising confidence among traders in DOGE’s sustained momentum.
With South Korean demand acting as a catalyst and global sentiment on the rise, Dogecoin’s path toward $1 appears to be gaining traction, solidifying its status as both a cultural phenomenon and a serious trading asset.
