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In a significant development for the cryptocurrency market, Dogecoin has emerged as the second-most-traded digital asset on South Korea's largest crypto exchange, Upbit, trailing only behind the Bitcoin behemoth.
Korea has long been known as a hotbed for cryptocurrency trading and innovation, with a vibrant community of investors and enthusiasts driving market activity. With its fervent support for digital assets, Korea's cryptocurrency market serves as a barometer for trends and shifts in global trading sentiment.
The rise of Dogecoin to the second position in trading volume on Korea's top exchange might suggest its popularity and widespread appeal. Dogecoin's journey from a lighthearted joke to a serious contender in the crypto space has been nothing short of extraordinary.
Originally created as a joke, Dogecoin has defied expectations and captured the imagination of several worldwide, drawing a dedicated community of supporters.
Dogecoin is now the eighth-largest market capitalization cryptocurrency, valued at $29.23 billion. The dog-themed cryptocurrency has surpassed Cardano (ADA), which now ranks ninth with a market valuation of $21.58 billion.
DOGE's price has consistently increased since reaching lows of $0.167. Dogecoin rose as much as 9% before reversing some of its gains. DOGE was up 3.35% in the previous 24 hours to $0.204, having hit intraday highs of $0.21. If Dogecoin closes in the green today, it will be up for the third day in a row.
According to IntoTheBlock, the overall value of meme coins has nearly tripled in 2024, with DOGE doubling in price so far in the year. This "meme coin season" has driven the valuation of meme coins to more than $56 billion. Demand for meme coins hit its highest peak since 2021 in the past quarter as attention grew.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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