(DOGE) has become the most traded altcoin on Upbit, South Korea’s largest exchange.
DOGE is attracting a lot of attention in South Korea, with Dogecoin taking the title of the second most traded crypto on the popular Korean exchange Upbit, a clear indication of the coin’s soaring popularity and appeal in global markets. In terms of transaction volume, DOGE significantly outpaces other well-known cryptocurrencies such as Ethereum (ETH), Ripple’s XRP, and Solana (SOL). The development is notable for the canine-themed cryptocurrency, which has seen a strong rally in recent months.
In cryptocurrency circles, South Korean traders are notorious for driving cryptocurrency prices higher. Additionally, the Asian country has become one of the largest cryptocurrency markets, with a young and tech-friendly population. With strong support for crypto, the Korean market serves as a benchmark for global trading sentiment trends and changes. Dogecoin's growth from a mere joke to a serious contender in the cryptocurrency space has been nothing short of remarkable. In this fast-growing market, the famous dog-themed cryptocurrency appears to be well-positioned to achieve massive growth.
Dogecoin is currently trading at $0.19, down 6% on the day amid a downturn in the cryptocurrency market, according to CoinGecko. The cryptocurrency is still far from the all-time high of $0.73 it hit in May 2021 at the height of the cryptocurrency bull market.
Bitcoin dominates Upbit. Notably, Bitcoin, the largest coin by market capitalization, remains the most traded cryptocurrency on Upbit. Bitcoin has been on a steady upward trend since the start of 2024, fueled by expectations and the approval of nearly a dozen U.S. spot Bitcoin ETFs.
The leading cryptocurrency surged to an all-time high above $73,000 last month as the ETF saw record inflows and trading volumes. While Bitcoin remains the world’s most popular and internationally recognized cryptocurrency, Dogecoin’s growing reputation on Upbit is unusual. Given DOGE’s rapid growth, it wouldn’t be surprising to see the#1meme coin surpass Bitcoin on Upbit.
