Since Trump's election, the crypto markets have experienced a significant rally, which shows no signs of slowing down. The rally appears to be expanding: institutions are concentrating their investments on Bitcoin, while retail investors diversify into a broader range of coins and tokens, as illustrated in the chart.
DOGECOIN remains the most traded coin in Korea, buoyed by the Trump election trade and Elon Musk’s involvement. At one point, crypto trading volumes surpassed those of all Korean stocks by 85%, though they’ve since dropped from $18.6 billion @upbitglobal to $7.5 billion—still substantially higher than the $1.5 billion observed pre-election.
A strong correlation exists between trading volumes and perpetual futures funding rates. With trading volumes decreasing, funding rates are likely to follow, signaling that leveraged long positions are being unwound, which typically leads to declining crypto prices.
Since Trump’s election, crypto’s market cap has surged by $600 billion, underscoring celebrities’ powerful influence on asset prices. Tesla’s market cap has risen by around $300 billion, while Dogecoin has added $30 billion, driven by ties to Trump’s Department of Government Efficiency – co-headed by Elon Musk.
This highlights the impact of alternative media and social platforms in shaping market dynamics. With a $55 billion market cap, Dogecoin traded $18 billion in the past 24 hours (or 33% of its market cap). By comparison, Apple, with a market cap of $3.5 trillion, traded $10 billion, while Tesla, valued at $1 trillion, traded $37 billion (or 3.7% of its market cap).
Three days ago, Dogecoin’s trading volume in Korea Upbit Singapore reached approximately $7 billion, representing 50% of the volume of all Korean stocks.
Dogecoin and Tesla stand out as social phenomena that capture widespread attention. While a consolidation from overbought levels is likely, their celebrity appeal could continue to fuel interest and drive prices higher for both.
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