In a noteworthy development for the cryptocurrency industry, the top meme coin Dogecoin (DOGE), has become the most traded altcoin on South Korea’s largest exchange, Upbit.
DOGE Draws Major Attention In South Korea
Dogecoin has claimed the title of the second most traded crypto on the popular South Korean exchange Upbit, in a clear display of the token’s skyrocketing popularity and appeal in global markets. DOGE has noticeably eclipsed other prominent cryptos like ether (ETH), Ripple’s XRP, and Solana (SOL) in terms of trading volume. This development is quite notable for the canine-themed cryptocurrency, which has registered a strong rally in recent months.
In cryptocurrency circles, South Korean traders are notorious for driving euphoric rallies on coins. Furthermore, the Asian country has emerged as one of the largest markets for crypto with a young, tech-friendly population. With its vibrant support for cryptocurrencies, Korea’s market serves as a yardstick for trends and changes in the global trading sentiment.
Dogecoin’s growth from a mere joke to a significant contender in the cryptosphere has been nothing short of remarkable. The prominent doggy-themed crypto seems well-positioned for tremendous growth within this rapidly evolving market.
Dogecoin is currently priced at $0.19, down 6% on the day amid a crypto market downturn, per data from CoinGecko. The crypto remains a far cry from its all-time high price of $0.73, posted in May 2021 at the height of the crypto bull market.
Bitcoin Dominates Upbit
Notably, Bitcoin, the largest token by market cap, remains the most traded crypto on Upbit. BTC has been on a steady uptrend since the beginning of 2024 amid anticipation and the subsequent approval of nearly a dozen US-based spot Bitcoin ETFs. Last month, the leading crypto rocketed to a new all-time high above $73K as the ETFs saw record inflows and trading volumes.
Although Bitcoin remains the world’s most popular and internationally accepted crypto, Dogecoin’s growing reputation on Upbit was quite unusual. Given DOGE’s rapid growth, it wouldn’t come as a surprise to see the top-ranking meme coin top Bitcoin on Upbit.
