Donald Trump’s re-election and his appointment of Elon Musk as head of the newly established Department of Government Efficiency (DOGE) has sent the price of Dogecoin (DOGE) soaring.
While this increase in the price of DOGE increases the interest in Dogecoin, there is also a big boom in Dogecoin trading in South Korea.
South Korea, which is generally known for its calm image at this point, is a big contrast when it comes to trading alternative cryptocurrencies like Dogecoin.
Dogecoin (DOGE) trading increased in South Korea, with DOGE/KRW pairs trading 1.5 percent higher than Binance’s DOGE/USDT pair on local crypto exchanges Upbit and Bithumb, Coindesk reported.
These figures were the biggest premiums on Upbit and Bithumb in the last three months.
This suggests a renewed appetite among South Korean investors for DOGE, which surged 78% after cryptocurrency advocate Donald Trump won the US Presidential election a week ago.
Evaluating the increasing price and interest in Dogecoin, 10x Research analysts said that DOGE has topped the charts as the cryptocurrency with the highest trading volume on Upbit and Bithumb since Trump’s victory.
Analysts also noted that the last 24-hour volume for DOGE pairs reached $8 billion, accounting for 57% of Korea's total stock trading volume.
Following Tesla CEO Elon Musk’s plans to establish a new ministry, the “Department of Government Efficiency (DOGE)” in the Trump administration, the DOGE price has increased by 235% in the last 30 days and reached $0.37.
*This is not investment advice.