Nov 15, 2024 12:05
Dogecoin (DOGE) continues to lead the crypto market with its 116% surge over the last week. The memecoins frenzy has outperformed most to 100 cryptocurrencies and even made DOGEs price in South Korean exchanges briefly rise higher than global exchanges like Binance. Related Reading: Solana (SOL) Records 3-Year High As Price Hits $220, Is $260 Next? 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 DOGEs 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 exchanges 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 DOGEs global trading volume, falling second to Binances 41.5% share. The memecoins 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, Upbits DOGE/USDT trading pair is trading at $0.433, 1.6% above Binances $0.426 trading price. DOGE About To Reach The Moon? Dogecoins 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. Related Reading: Market Pricing In A Higher Fair Value For Bitcoin As Price Discovery Continues 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. Featured Image from Unsplash.com, Chart from TradingView.com
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