BITMD
BITMD
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
  • Cryptocurrency

Dogecoin volumes in Korea exceeded those of its entire stock market yesterday

  • May 5, 2021
  • Gordon James
Total
0
Shares
0
0
0

Hey there! Before reading the article which is about Dogecoin volumes in Korea exceeded those of its entire stock market yesterday, you should read about dogecoin news. It shares basic information about this article and also adds more value to it. Do let us know how you feel about it in the comment section below. Happy Reading! Really glad that you are here.

Asian cryptocurrency trading platform Huobi recently hosted a Dogecoin (DOGE) promotion in celebration of the coin’s added support on its platform. The event has been dubbed “The Great Doge Race” and will run from May 15 to May 25. It will see a total prize pool of 1,500,000 DOGE with a prize of 300,000 DOGE being awarded to the top individual trader and another 300,000 DOGE going to the top trading firm.

It’s been a rough year for the Korean won (KRW). In the span of just a few months, the South Korean currency lost almost half of its value, against the US dollar. Here’s a couple of charts to give you an idea of just how dramatic the drop has been:  Dogecoin, on the other hand, has pretty much gone nowhere.

South Korean cryptocurrency exchanges processed more Dogecoin transactions yesterday than the average volume of stock trading on the country’s traditional exchanges, according to data from several sources.

Dogecoin up

According to local news agency Hankyung, the average daily trading volume of the Korean Composite Stock Price Index (KOSPI), a representative index of Korean companies, was only $9 billion in April 2021.

Other relevant reports also show that the volume of stocks in Korea peaked at 12 trillion won ($10 billion) in a few months last year.

But yesterday’s media hype overshadowed that. According to exchange tool CoinGecko, Dogecoin volume has surpassed $16 billion on the Korean exchange UpBit alone. On the other hand, smaller exchanges like GoPax and Huobi Korea earned more than $50 million and $20 million, respectively.

However, it remains unknown how much of this volume comes from laundered transactions – the use of trading bots to increase trading volume without any real demand.

Dogecoin’s volume has also surpassed that of Korean Forex. The Korean exchange rate is about $7-8 billion a month, or $200-300 million a day. Doge’s trading volume on Upbit alone last night was $13 billion, so yes, Doge is bigger, tweeted Doo Wan Nam, head of business development for MakerDAO Asia from Seoul.

Korean currency is worth $7-8 billion a month, or $200-300 million a day….. Doge’s trading volume on Upbit alone was 13 billion last night, so yes, Doge is bigger.

– Doo (@DooWanNam) May 5, 2021

According to a local report cited by Nam, the volume of currency trade has remained between $5 billion and $8 billion in recent months.

Why are cryptocurrencies better than stocks?

As mentioned earlier, the high volume of cryptocurrency trading by Korean investors is a result of high-risk, high-reward gambling that can offer them higher returns on capital in a short period of time compared to the low returns offered by traditional banks and financial institutions.

Traditional stock market funds or other indices that guide the market show a steady decline in the country anyway.

Data from the country’s Financial Investment Association and the Financial Services Commission showed that inflows fell from 74 trillion won in January 2021 to 63 trillion won at the end of last month, a difference of more than 10 trillion won (nearly $8.8 billion), the report said. During the same period, inflows on cryptocurrency exchanges were higher than normal.

The data also showed that cryptocurrencies worth more than 445 trillion won ($392 billion) have already been traded on local exchanges in the first two months of 2021 – more than last year’s total trading volume (356 trillion won, or $314 billion).

Gaining an advantage in the crypto asset market

As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article.

Chain Analysis

Price snapshots

More context

Join now for $19/month View all benefits

Dogecoin volumes in Korea exceeded those of its entire stock market yesterday

Do you like what you see? Sign up for updates.

This source has been very much helpful in doing our research. Read more about dogecoin price and let us know what you think.

Related Tags:

dogecoin newsdogecoin pricedogecoin stockelon musk dogecoindogecoin twitterbitcoin price,People also search for,Privacy settings,How Search works,dogecoin news,dogecoin dropping,dogecoin dropping reddit,dogecoin price,dogecoin stock,dogecoin price prediction,dogecoin falling,elon musk dogecoin

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Gordon James

Previous Article
  • Cryptocurrency

ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

  • May 4, 2021
  • Gordon James
Read More
Next Article
  • Cryptocurrency

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

  • May 6, 2021
  • Gordon James
Read More
You May Also Like
Read More
  • Cryptocurrency

A year of mass adoption for cryptocurrencies in Brazil

  • Gordon James
  • June 30, 2022
Read More
  • Cryptocurrency

5 Best Crypto Games to Watch in January 2022

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Indian INX exchange reportedly plans to list Bitcoin futures ETF

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

What to expect from the blockchain world in 2022? | Footprint Analytics Annual Report 2021

  • Gordon James
  • June 29, 2022
Read More
  • Cryptocurrency

Footprint Analytics: Will 2022 See the Emergence of GameFi 2.0? | Annual Report 2021

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

DEESSE Token Sale is Launching on KuCoin

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Bitcoin shoots to $44,000 as US inflation hits 7% in December

  • Gordon James
  • June 17, 2022
Read More
  • Cryptocurrency

Arkania Protocol Launch Multi-Chain Launchpad Making IDOs Accessible to All

  • Gordon James
  • June 14, 2022
Table of Contents (Topics Covered)
  1. Dogecoin up
  2. Why are cryptocurrencies better than stocks?
  3. Gaining an advantage in the crypto asset market
    1. Do you like what you see? Sign up for updates.
Do Read
  • 1
    Bitcoin mempool clogs up with 125K transactions waiting
  • 2
    Polkadot and Kusama parachains are getting their own crowdloan marketplace
  • 3
    Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price
  • 4
    BlockFi vs. Linus: Is the Rate vs. Convenience Trade Worth It?
Read More
  • South Korea plans interagency crackdown on illegal crypto transactions
    • April 19, 2021
  • Investing In Curve (CRV) – Everything You Need to Know
    • June 7, 2021
  • Despite ban, China’s Bitcoin miners keep operating
    • December 21, 2021
  • IOTA 2.0 ‘Nectar’ goes live, here’s what it means for you |
    • June 3, 2021
  • On the Recent Dip, Cathie Wood’s ARK Fund has increased its Bitcoin Holdings
    • June 27, 2021
Recent Posts
  • A year of mass adoption for cryptocurrencies in Brazil
    • June 30, 2022
  • 5 Best Crypto Games to Watch in January 2022
    • June 29, 2022
  • Indian INX exchange reportedly plans to list Bitcoin futures ETF
    • June 29, 2022
BITMD
  • Home
  • Privacy Policy
  • Contact Us
  • Sitemap
The Crypto Doctor

Input your search keywords and press Enter.