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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Dogecoin Frenzy Arrives In Korea: ‘Kimchi Premium’ Returns Amid DOGE’s 110% Rally

Rubmar Garcia
Rubmar Garcia
10 months ago
3 mins read
memecoins, Doge, dogecoin, Solana

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Dogecoin (DOGE) continues to lead the crypto market with its 116% surge over the last week. The memecoin’s frenzy has outperformed most to 100 cryptocurrencies and even made DOGE’s price in South Korean exchanges briefly rise higher than global exchanges like Binance.

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10 months ago

‘Kimchi Premium’ Returns Amid Dogecoin Rally

Trump’s victory sparked a massive crypto market rally, creating a craze around the leading memecoin Dogecoin. The token’s trading volume increased 157% in the last seven days, driving DOGE’s price from trading below the $0.20 mark to above the $0.40 range.

This week, the Dogecoin frenzy arrived in South Korea, eclipsing a significant share of the Korean market. Web3 analyst Bradley Park highlighted that the memecoin had a remarkable $10.6 billion 24-hour trading volume on the Korean exchange Upbit.

Based on CryptoQuant data, the analyst pointed out that Dogecoin was the local crypto exchange’s top-traded token, with 32.4% of the total volume as of Wednesday, surpassing Bitcoin (BTC).

Moreover, on Tuesday, Dogecoin saw a spike in volume globally, reaching $22 billion in a single day. Upbit accounted for 20.7% of DOGE’s global trading volume, falling second to Binance’s 41.5% share.

The memecoin’s spike in Korean demand sparked DOGE’s “Kimchi Premium” on Korean top crypto exchanges. “Kimchi Premium” refers to the price gap of a cryptocurrency between South Korean 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%, recording the largest premium in three months.

At the time of writing, Upbit’s DOGE/USDT trading pair is trading at $0.433, 1.6% above Binance’s $0.426 trading price.

DOGE About To Reach The Moon?

Dogecoin’s performance has sparked a bullish sentiment among investors. According to crypto analyst Kaleo, the memecoin is “in the process of making the massive impulse move to the new all-time Highs at the early stages of a new bull market that it is known for.”

The analyst details that the cryptocurrency makes “swift moves with massive multiples” around 200 days after the Bitcoin Halving, with timing between previous ATHs and the beginning of each move having a “similar cadence.”

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10 months ago

The analyst noted that Dogecoin still has “a lot of room to run up” if history repeats itself. He explained that the last time DOGE moved up from its current levels, it surged 65% to above the $0.7 mark in 24 hours.

Moreover, he highlighted that the last time the memecoin registered a breakout like this from its BTC pair, it had a remarkable 175% pump toward its previous ATH. Based on this, the analyst forecasted that the long-awaited $1 target for the memecoin will be reached soon.

Dogecoin is trading at $0.42, a 9.7% and 114% surge in the daily and weekly timeframes.

Dogecoin, DOGE, DOGEUSDT
Dogecoin’s performance in the weekly chart. Source: DOGEUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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