Dogecoin has scored a new milestone by becoming one of the top-traded cryptocurrencies on a major cryptocurrency exchange in Korea.
South Korean Markets Embrace Dogecoin
In a clear testament to Dogecoin’s soaring popularity and interest in global markets, the cryptocurrency has recently claimed the title of the second most traded crypto asset on Upbit, South Korea’s leading crypto exchange. This development marks a significant step for the doggy-themed cryptocurrency, which has been witnessing a significant bullish trend in recent months.
On the crypto exchange, Dogecoin had notably surpassed prominent cryptocurrencies like Ethereum (ETH) and meme coins like Shiba Inu (SHIB), in terms of trading volume. The surge in trading activity has effectively put the spotlight on Dogecoin, potentially reshaping its former title as a meme coin based on a joke, into a highly sought-after cryptocurrency with a robust ecosystem and community.
Currently, Upbit lists about 192 cryptocurrencies and offers over 300 trading pairs. The exchange has successfully grown into a prominent crypto platform since its inception in 2017.
Dogecoin’s achievement in becoming the second most traded cryptocurrency on Upbit underscores the coin’s growing popularity in Korea. As South Korea continues to solidify its position as a burgeoning crypto hub, DOGE is set to elevate its prominence further to gain widespread adoption in the country.
Possibly aiming to extend its services to the vast pool of potential crypto users in South Korea’s 51.63 million population, Dogecoin is positioned for immense growth within this rapidly developing market
Bitcoin Secures Top Spot In Crypto Exchange
While Dogecoin has secured the second position as the most traded cryptocurrency on Upbit, Bitcoin has easily dominated the doggy-themed meme coin, emerging as the number one traded cryptocurrency on the exchange. Bitcoin has been on a steady momentum since the beginning of the year, surging to new all-time highs and growing in trading volume daily.
Although Bitcoin remains the world’s most popular and globally accepted coin, Dogecoin’s prominence on Upbit was an unprecedented milestone. The rapid growth of the doggy-themed cryptocurrency presents a potential opportunity to take first place, possibly surpassing even Bitcoin.
Unlike Bitcoin, which requires significant financial investments before it can be acquired, Dogecoin offers a more attractive investment avenue with its lower price per coin, enabling investors globally, particularly in South Korea to easily trade the token.
At the time of writing, the price of Dogecoin is trading at $0.1952 per token, reflecting a price increase of $4.23% over the past seven days, according to CoinMarketCap.
DOGE price recovers amid trading frenzy | Source: DOGEUSDT on Tradingview.com
Featured image from Finbold, chart from Tradingview.com