As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed countless market phenomena, but the current Dogecoin (DOGE) rally is something truly extraordinary. The ‘Kimchi Premium’ phenomenon returning amidst this memecoin’s surge is reminiscent of the tech stock bubble of 1999-2000, albeit in a digital asset context.
Dogecoin (DOGE) is currently dominating the crypto market, experiencing a significant 116% increase over the past week. This meme-based cryptocurrency has outshone many others, with its performance surpassing that of about 100 other digital currencies. Interestingly, for a short period, DOGE’s price on South Korean exchanges was higher than it was on global platforms like Binance.
‘Kimchi Premium’ Returns Amid Dogecoin Rally
As a crypto investor, I’ve witnessed an incredible surge in the market following Trump’s victory, with a frenzy surrounding the front-runner memecoin, Dogecoin. In just the last seven days, its trading volume skyrocketed by a staggering 157%, propelling DOGE’s price from under $0.20 to well above the $0.40 range. It’s an exhilarating time for us in the crypto community!
In simple terms, this week, the excitement over Dogecoin reached South Korea and significantly impacted their market share. Analyst Bradley Park pointed out that in a single day, Dogecoin had an astounding $10.6 billion trading volume on the Korean exchange called Upbit.
According to information from CryptoQuant, an analyst noted that on Wednesday, Dogecoin was the most actively traded cryptocurrency on the local exchange, accounting for about 32.4% of the platform’s total trading volume. This figure exceeded that of Bitcoin (BTC).
Furthermore, there was an increase in Dogecoin’s trading activity worldwide on Tuesday, with a daily volume of approximately $22 billion. Upbit contributed around 20.7% to the global Dogecoin trading volume, placing it second to Binance’s 41.5% share.
A surge in interest for the memecoin among Koreans led to a “Kimchi Price Difference” on leading Korean cryptocurrency platforms, where DOGE’s value was higher compared to other international markets. The term “Kimchi Premium” denotes this price disparity between South Korean and global exchanges for cryptocurrencies.
On Tuesday, the Dogecoin trading against Korean Won (DOGE/KRW) on Upbit and Bithumb momentarily exceeded the Dogecoin trading against US Dollar Tether (DOGE/USDT) on Binance by 1.5%. This marked the highest price gap in three months.
Currently, when I’m typing this, the Dogecoin-Tether (DOGE/USDT) pair on Upbit is being traded at approximately $0.433. This figure represents a 1.6% increase compared to Binance’s current trading price of $0.426 for the same pair.
DOGE About To Reach The Moon?
As an analyst, I find myself invigorated by Dogecoin’s recent surge in value. Following this trajectory, crypto expert Kaleo predicts that Dogecoin could be embarking on a significant upward trend towards fresh record highs – a characteristic move for the memecoin at the outset of a new bull market cycle.
The analyst explains that the cryptocurrency often exhibits rapid, significant increases approximately 200 days following the Bitcoin Halving. Notably, there seems to be a consistent pattern in the time frame between past all-time highs (ATHs) and the onset of each surge.
As a crypto investor, I find myself intrigued by the analyst’s observation that Dogecoin could potentially skyrocket if history repeats itself. He pointed out that during similar market conditions in the past, DOGE experienced a significant surge, climbing as much as 65% within just 24 hours and reaching prices above $0.7. This historical data leaves me eagerly awaiting potential gains.
Additionally, he emphasized that when the memecoin last experienced a surge similar to this from its BTC pair, it soared an impressive 175% towards its previous all-time high (ATH). Given this pattern, the analyst predicts that the long-awaited $1 goal for the memecoin may be attained shortly.
Dogecoin is trading at $0.42, a 9.7% and 114% surge in the daily and weekly timeframes.
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2024-11-14 14:10