Dogecoin mania enters South Korea despite falling below $0.40

The drop in Dogecoin price below $0.40 has caused an increase in trading volume, and major South Korean exchanges are profiting from it.

Dogecoin (DOGE) is down 5% in the last 24 hours and is trading at $0.385 on major exchanges such as Binance, Bybit, Coinbase and OKX at the time of writing.

DOGE price | Source: crypto.news

Despite the price drop, DOGE’s daily trading volume increased by 4% to $32.3 billion. This shows increased interest in the leading meme coin, this time from South Korea’s leading crypto exchanges Upbit and Bithumb, according to data from CoinGecko.

Dogecoin currently leads the way in trading volume on Upbit, valued at $4.9 billion, second only to Binance’s DOGE/USDT pair. Interestingly, the dog-themed meme coin is trading at $0.391 on the Korean exchange.

On Bithumb, DOGE is at an even higher premium; According to CoinGecko, it is changing hands at $0.393 with a transaction volume of $1.7 billion.

Dogecoin trading volume is currently at its highest, and market premiums have typically occurred when markets peaked at previous times. On the other hand, demand for cryptocurrencies has been increasing since the US elections, and many expect the Bitcoin (BTC) price to reach the $100,000 level this month.

Bitcoin’s price increase usually leads to a rapid rise in altcoins.

Another rising factor for DOGE will be Elon Musk’s movements. Historically, Musk’s statements about the meme token have had an impact, causing the price to suddenly rise.

According to Crypto.news, Musk, along with Vivek Ramaswamy, founder of pharmaceutical company Roivant Sciences, has been appointed to lead the Department of Government Efficiency, dubbed DOGE by the crypto community.

The president-elect said the agency would be created under a Donald Trump administration and would “eliminate Government Bureaucracy, cut excessive regulations, cut wasteful spending, and restructure Federal Agencies.”