Dogecoin (DOGE), the coin based on that recently deceased meme dog Cheemz, falling sharply during European trading hours, according to analysts. Price issues also arise during US trading hours, but between 8am and 6pm Asian time, the price generally rises.
Demand for Dogecoin is highest in the Asian market
The price of the memecoin DOGE is 10 percent lower compared to the beginning of 2023 Velo Data app Returns during the European and US trading hours were -44.4% and -25%, respectively. In contrast, the return during Asian trading hours is +25.6%.
This means that when trading in the Americas, the Dogecoin price falls mainly in Europe, while when trading in Asia, the price generally rises. Given the currency’s American origins and the backing of the richest man in the world Elon Musk this is something very special. Based on this, one would expect the price to rise fastest during the American trading hours.
However, the coin featuring the Japanese dog breed as its logo is enjoying tremendous popularity in countries such as South Korea. Between 8 a.m. and 6 p.m. Korean Standard Time, the coin experiences a huge trading volume. In the Asian crypto market, buyers gain the upper hand, after which Dogecoin price rises bullish turns.
The crypto industry in South Korea is growing
The DOGE token and its rival Shiba Inu (SHIB), like many other altcoins, are enjoying great popularity among Koreans Exchange Upbit and Bithumb. During July’s 10 percent surge, the largest trading volume was not in the US but at Upbit. The exchange is known for platform speculation on crypto-Korean won trading pairs.
The crypto industry and altcoins They are particularly popular in South Korea. That’s because lack of social mobility, skyrocketing real estate prices and a highly competitive labor market. However, the southern neighbors of the notorious North Korea are technologically highly developed, which makes the move to crypto easy.