Dogecoin Surges 116% as ‘Kimchi Premium’ Returns in South Korea
Dogecoin (DOGE) has surged 116% over the last week, outperforming most of the top 100 cryptocurrencies. Its price on South Korean exchanges briefly exceeded that on global exchanges like Binance.
‘Kimchi Premium’ Returns Amid Dogecoin Rally
Trump's victory triggered a significant crypto market rally, fueling interest in Dogecoin. The token's trading volume increased by 157% in the past week, pushing DOGE's price from below $0.20 to above $0.40.
In South Korea, Dogecoin captured a substantial portion of the market, with Web3 analyst Bradley Park noting a trading volume of $10.6 billion in 24 hours on Upbit.
According to CryptoQuant data, Dogecoin was the top-traded token on local exchanges, accounting for 32.4% of total volume, surpassing Bitcoin (BTC).
On a global scale, Dogecoin's trading volume reached $22 billion in one day, with Upbit contributing 20.7% and Binance leading with 41.5%.
The increased demand in Korea resulted in a "Kimchi Premium," indicating a price gap between South Korean and global exchanges for Dogecoin. On Tuesday, the DOGE/KRW pair on Upbit and Bithumb temporarily surpassed the DOGE/USDT pair on Binance by 1.5%, marking the highest premium in three months.
Currently, Upbit’s DOGE/USDT trading pair is at $0.433, 1.6% higher than Binance’s $0.426.
DOGE About To Reach The Moon?
Dogecoin's recent performance has generated bullish sentiment among investors. Analyst Kaleo suggests that DOGE is poised for a significant upward move towards new all-time highs, typical of early stages in a bull market.
Kaleo notes that Dogecoin tends to make rapid gains approximately 200 days after the Bitcoin Halving, with previous movements showing a consistent pattern.
He highlighted that Dogecoin has potential for further increases based on historical trends. Previously, when DOGE rose from similar levels, it achieved a 65% increase to above $0.7 within 24 hours.
Additionally, he mentioned that past breakouts from its BTC pair led to a 175% surge towards previous all-time highs. Based on these observations, he predicts that the long-anticipated $1 target for Dogecoin may be reached soon.
Currently, Dogecoin is trading at $0.42, reflecting a 9.7% daily increase and a 114% weekly rise.
