Korean Crypto Enthusiasts Push Dogecoin Premium Higher on Major Exchanges

Dogecoin Mania Takes Hold in South Korea, Driving Premiums on Local Exchanges

Dogecoin (DOGE) has surged 78% since Donald Trump’s pro-crypto election victory, and South Korea is emerging as a hotspot for the meme coin’s meteoric rise. Local traders on exchanges like Upbit and Bithumb have driven DOGE prices higher, creating a distinct premium compared to global platforms like Binance.

At the time of writing, DOGE/KRW pairs on Upbit and Bithumb trade 1.5% higher than Binance’s DOGE/USDT market, adjusted for the USD/KRW exchange rate. This marks the largest premium recorded in the past three months, according to TradingView data.

Renewed Interest Among Korean Traders

DOGE’s growing popularity is evident in trading volumes on South Korea’s major exchanges. Over the past 24 hours, DOGE has dominated activity on Upbit and Bithumb, with combined trading volumes reaching $8 billion—nearly 60% of South Korea’s total stock market value, according to Markus Thielen of 10x Research.

This trading frenzy coincides with a broader rally that has seen DOGE climb 227% in the past month, fueled by Elon Musk’s appointment to co-lead the Trump administration’s new “Department of Government Efficiency” (D.O.G.E.). The announcement has added symbolic significance to Dogecoin’s rise, bolstering speculative demand.

Measured Optimism

Despite the excitement, current premiums are far less pronounced than those seen during the height of the 2021 bull market, when double-digit price differentials were common. This suggests that while interest is strong, the speculative fervor remains tempered, leaving room for potential further gains.

Betting on a $1 Breakout

Meanwhile, options traders are positioning for DOGE’s price to cross the $1 mark. PowerTrade reported a large purchase of $1 call options expiring in January 2025, with similar bullish bets placed on December contracts.

If Korean demand persists and options markets align, DOGE could soon break through this significant psychological barrier, continuing its journey from meme to mainstream.