Dogecoin Mania Grips South Korea as Price Dips Below $0.40

Despite Dogecoin’s price falling below $0.40 and losing 5% in the past 24 hours, there has been a significant surge in its trading volume, particularly on South Korean exchanges like Upbit and Bithumb.

At the time of writing, Dogecoin (DOGE) is trading at $0.385 on major global exchanges like Binance, Bybit, Coinbase, and OKX, but the real story is unfolding in South Korea, where the meme coin is seeing a surge in activity.

Upbit and Bithumb See Dogecoin Volume Surge

On Upbit, Dogecoin has been leading trading volumes, with $4.9 billion in transactions, making it the second most traded DOGE/USDT pair globally, after Binance. Interestingly, DOGE is trading slightly higher on Upbit, at $0.391.

On Bithumb, the meme coin is also attracting attention, with DOGE trading at $0.393 and a volume of $1.7 billion, according to data from CoinGecko. These price premiums and growing trading volumes suggest a strong local demand for Dogecoin despite its price dip.

A Rising Trend Amidst Broader Market Movements

While Dogecoin’s price fell, its daily trading volume has increased by 4%, reaching a notable $32.3 billion. This uptick in trading activity comes at a time when cryptocurrency markets are showing increased volatility, with Bitcoin (BTC) recently rallying and pushing altcoins, including Dogecoin, into higher trading volumes.

Elon Musk and Market Sentiment

A key factor in Dogecoin’s resurgence is the ongoing influence of Elon Musk. The Tesla CEO has historically had a significant impact on the price of Dogecoin through his tweets and comments, often causing sudden price spikes. Recently, Musk was appointed to lead the Department of Government Efficiency, affectionately referred to by the crypto community as DOGE. This new role in Donald Trump’s administration has sparked further interest in the meme coin, adding to the bullish sentiment surrounding DOGE.

Despite the price dip below $0.40, Dogecoin continues to attract significant interest, particularly in South Korea, where trading volume on exchanges like Upbit and Bithumb has surged. As the broader cryptocurrency market remains volatile, fueled by Bitcoin’s bullish momentum and the ongoing influence of figures like Elon Musk, Dogecoin’s future price movements could still surprise the market.