“It’s better than Bitcoin.” This, floated by Musk, attracted 7 trillion won a day in Korea.

The price of Bitcoin once exceeded $90,000 (about 126.56 million won) for the first time in history. This is because money has been pouring into cryptocurrency since candidate Donald Trump was elected in the U.S. presidential election. Not only Bitcoin but also memecoin prices such as Dogecoin are on the rise. High-risk investments are continuing, with Dogecoin trading volume on domestic cryptocurrency exchanges reaching five times that of Bitcoin.

Dogecoin and Bitcoin models. Yonhap News

Bitcoin price rises 40% in one month

According to Coinbase, an American cryptocurrency exchange, on the 13th, the price of Bitcoin exceeded $90,000 at one point this morning. Afterwards, it fell due to demand for profit realization, and as of 11 am on this day, it was traded at $88,379 (about 124.28 million won). Compared to the price of Bitcoin, which was around $62,000 on the 13th of last month, it rose 40% in just one month.

Bitcoin price has been hitting record highs every day since the US presidential election. Based on the Coinbase Bitcoin price, it exceeded the $70,000 mark on the 6th when candidate Trump’s victory was confirmed, hit $80,000 on the 11th, and hit $90,000 at one point on the same day, showing a steep rise.

Dogecoin, overwhelmingly ranked first in domestic trading volume

Bitcoin is not the only one whose price and trading volume is racing. Recently, the most traded cryptocurrency in Korea is MEMCOIN, not Bitcoin. Dogecoin, a representative cryptocurrency based on memes that are popular on the Internet, has recently ranked first in domestic trading volume. As of 3 p.m. on this day, the volume of Dogecoin traded in the last 24 hours on the cryptocurrency exchange Upbit reached 7.815 trillion won, accounting for 34% of the total trading volume (22.8939 trillion won).

Compared to Bitcoin trading volume, which was only 1.7473 trillion won, it is 5 times that amount. Dogecoin is a coin that Tesla CEO Elon Musk floated in the past, saying, “It is better than Bitcoin.” Musk’s public support for U.S. President-elect Trump led to a surge in prices and trading volume, and the concentration of transactions is accelerating as he was nominated to head the Government Efficiency Department in the next administration. The price of Dogecoin, which was around 154 won on the 14th of last month, was 518 won at 3 p.m. on this day, showing a 230% increase in one month.

Experts warn that one must be cautious when investing as cryptocurrency volatility is excessive. In particular, it is pointed out that in the case of memecoins such as Dogecoin, it is difficult to evaluate their value, which may result in significant price volatility. Hong Ki-hoon, a professor at Hongik University Business School, said, “The price of Bitcoin alone has jumped significantly by taking advantage of uncertain expectations, but the volatility of coins other than Bitcoin is bound to be much greater.”

Reporter Jeong Jin-ho [email protected]