[Asia Economy Reporter Dongwoo Lee] Dogecoin, a cryptocurrency that gained attention after being mentioned by Tesla CEO Elon Musk, has surpassed the KOSPI in daily trading volume.
According to the cryptocurrency exchange industry on the 17th, Dogecoin's trading volume in the Upbit KRW market as of 8:51 AM was approximately 17.0018 trillion KRW over the past 24 hours.
This exceeded the previous day's total KOSPI trading volume (15.542111 trillion KRW) and the average daily KOSPI trading volume in April (14.937218 trillion KRW).
Compared to other cryptocurrencies traded in the Upbit KRW market at this time, Dogecoin's trading volume was overwhelmingly higher.
Ripple, Ethereum Classic, Chiliz, ranked 2nd to 4th, each had trading volumes in the 2 trillion KRW range, while Bitcoin, the leading cryptocurrency, was at about 797.974 billion KRW.
In particular, the industry explained that it is rare for altcoins (alternative cryptocurrencies excluding Bitcoin) to surpass the KOSPI in daily trading volume. There is no clear statistical system domestically, as it is estimated that about 100 exchanges operate in Korea.
On the 15th, Musk posted a short message on his Twitter account saying "Doge Barking at the Moon."
As a result, Dogecoin's price in the Upbit KRW market rose 47.1% on the 15th and surged 103.95% compared to 24 hours ago as of this time, trading at 465 KRW.
Dogecoin is a cryptocurrency created in 2013 by software developers Billy Markus and Jackson Palmer, adopting the Japanese Shiba Inu dog, a popular internet meme (a photo or video trending on the internet), as its mascot.
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