Dogecoin (DOGE) continues to lead the cryptocurrency market, gaining 116% over the past week. The memecoin’s frenzy has outperformed most of the top 100 cryptocurrencies, even pushing DOGE’s price higher on Korean exchanges than global exchanges like Binance.
‘Kimchi Premium’ Returns as Dogecoin Rise
Trump’s victory has sparked a massive rally in the cryptocurrency market, sparking a frenzy for leading memecoin Dogecoin. The token’s trading volume has increased by 157% in the past seven days, pushing DOGE’s price from below $0.20 to above $0.40.
This week, Dogecoin fever swept South Korea, taking up a large portion of the South Korean market. Web3 analyst Bradley Park highlighted that Dogecoin’s 24-hour trading volume on the South Korean exchange Upbit was as high as $10.6 billion.
Analysts noted that Dogecoin is the most traded coin on local cryptocurrency exchanges, accounting for 32.4% of total trading volume as of Wednesday, surpassing Bitcoin (BTC), according to data from CryptoQuant.
In addition, on Tuesday, the global trading volume of Dogecoin surged, with a single-day trading volume of $22 billion. Upbit accounted for 20.7% of the global trading volume of Dogecoin, lagging behind Binance's 41.5%.
The surge in demand for memecoins in South Korea has triggered a “Kimchi premium” for DOGE on the country’s top cryptocurrency exchanges. The “Kimchi premium” refers to the price gap between cryptocurrencies in South Korea 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%, marking the largest premium in three months.
At the time of writing, the DOGE/USDT pair is trading at $0.433 on Upbit, 1.6% higher than Binance’s price of $0.426.
DOGE is about to land on the moon?
Dogecoin’s performance has fueled bullish sentiment among investors. According to cryptocurrency analyst Kaleo, Dogecoin “is in the early stages of a new bull run and is hitting new all-time highs with huge momentum.”
The analyst detailed that about 200 days after Bitcoin’s halving, the cryptocurrency “moved rapidly and multiple times with large swings,” with previous all-time highs having a “similar rhythm” to the start of each swing.
The analyst noted that Dogecoin still has “a lot of room to run higher” if history repeats itself, explaining that the last time Dogecoin rose from its current levels, it surged 65% in 24 hours to break the $0.7 mark.
Furthermore, he highlighted that the last time memecoin broke out from its BTC pair, its price was up 175% from its previous high. Based on this, the analyst predicts that memecoin’s long-awaited $1 target will be achieved soon.
Dogecoin is trading at $0.42, up 9.7% and 114% on the daily and weekly timeframes, respectively.