South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.

Trading volume in XRP and dogecoin (DOGE) is much higher than that of bitcoin (BTC) on South Korean crypto exchanges this week, a frenzy that may have helped raise prices of the two tokens in the crazed market.

CoinGecko data shows XRP and DOGE have cumulatively accounted for as much as 30% of trading volumes on Upbit, the country’s biggest exchange, and nearly 20% on Bithumb in the past 24 hours. That is unusually higher than usual leader bitcoin and indicates a short-term demand for the tokens in the country.

Part of these volumes could be attributed to wash trading, however, where automated programs continuously trade a token to give the illusion of a heavily traded market.

Upbit led XRP volumes in dollar terms across all global exchanges in the past 24 hours, including venues such as Binance and Coinbase, the data shows. (These trades were placed against Korean won but have been converted to U.S. dollars at current exchange rates).

Binance and Coinbase, however, lead DOGE trading volumes across global exchanges.

XRP and DOGE were the best-performing majors in the past weeks as BTC hit new lifetime highs. Both tokens are up more than 100% in the past 14 days, data shows, with their futures products surging to yearly highs.

In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.

Gains in XRP started last week as the shifting U.S. regulatory climate supported growth in tokens related to companies hampered by the Securities and Exchange Commission’s (SEC) actions (XRP is closely related to Ripple Labs).

Meanwhile, DOGE has surged following a Republican win at the U.S. elections and a renewed promotional push by technocrat Elon Musk — who has been picked to lead the proposed Department of Government Efficiency (D.O.G.E) non-governmental unit under a Trump administration.

As such, attention from South Korean markets may mark a local top for tokens as it a sign of froth, as a CoinDesk analysis previously noted.
However, CoinDesk markets analyst Omkar Godbole sees growth in XRP prices in the near term.

“XRP is holding steady above $1 after a powerful rally—the strongest in three years! While intraday charts hint at a possible pullback, it could set the stage for another upward move,” Godbole said.

“Momentum indicators on longer charts are firmly bullish. Key supports to watch out for are 96 cents and 65 cents. Resistance looms at $1.26 and $1.40, echoing the supply zone from September 2021,” he added.

XRP trades at just over $1 as of Asian afternoon hours Wednesday. DOGE is just under 40 cents.

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“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the ‘Department of Government Efficiency’ narrative could have been a deciding factor for a Trump win,” one trader said.

Dogecoin (DOGE) continued its winning weekly run, buoyed by a renewed Elon Musk endorsement, jumping over 25% in the past 24 hours and extending its 30-day gains to over 65% to making it the best-performing crypto major.

Musk, who has publicly supported and promoted dogecoin since 2021, has been proposing a Department of Government Efficiency — abbreviated as D.O.G.E; a clear nod to the token — as an agency that will make government spending and monetary planning more effective as part of the Republican campaign.

And that proposal could be close to reality as Republican Donald Trump won his second term as U.S. president in early European hours Wednesday, according to Fox News. Late Tuesday, bitcoin (BTC), dogecoin and other tokens moved higher as Trump’s odds surged higher on betting marketplaces.

Futures tracking DOGE recorded over $30 million in short liquidations over the past 24 hours, an unusually high figure, suggesting part of its move was driven by covering losing bets.

Open interest, or the number of unsettled futures bets, on DOGE is up to 8.30 billion tokens as of Wednesday compared to 7 billion tokens on Monday — showing brisk demand and expectations of further market movements.

A parody D.O.G.E token on Ethereum is up 77% in the past 24 hours, and is up 500% since a CoinDesk analysis first flagged demand for the memecoin among some traders.

Bullish sentiment for DOGE is also showing signs of spilling over to dog-themed tokens, with shiba inu (SHIB), floki (FLOKI) and bonk (BONK) up over 10%. Sector tokens have gained 16% on average, beating a 7.2% rise in the broad-based CoinDesk 20 (CD20) majors index.

And there could still be room to grow.

Well-known trader ‘unipcs,’ who has been publicly bullish on DOGE and D.O.G.E since earlier this year on Musk’s endorsement, told CoinDesk in an X message today that he expects the two tokens, and bitcoin, to move even higher.

“I especially think the ‘Elon factor’ is not yet priced in for DOGE,” unipcs said. “There is going to be a media frenzy about Elon and how his aggressively backing Trump and the ‘Department of Government Efficiency’ narrative could have been a deciding factor for a Trump win, and that’s going to end up being a key catalyst that fuels both Dogecoin and the D.O.G.E ETH memecoin much higher.”

“I do believe many are greatly underestimating just how much higher these assets are going to go from here,” unipcs added.

Traders have long perceived Trump’s victory as a bullish catalyst for the industry for his pro-crypto stance and promises to make the U.S. a bitcoin powerhouse. Democrat Kamala Harris, on the other hand, has not made similar promises but said he would introduce regulations to protect certain groups.

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Stablecoin margined futures on DOGE have spiked, with DOGE denominated bets rising 33% since Sunday.

Futures interest in dogecoin (DOGE) is swiftly rising and nearing record levels from April, thanks to renewed trading interest in the token on the possibility of its abbreviation becoming a part of Republican Donald Trump’s administration.

DOGE prices are up 15% in the past 24 hours, CoinGecko shows, after an Elon Musk appearance at a Trump rally and a later X post of himself with the DOGE avatar. Traders are terming the price spike as a play on “Trump’s popularity,” as reported.

DOGE-denominated futures have risen 33% since Sunday to 8 billion tokens as of European morning hours Tuesday. That’s just 12% away from a lifetime record of 9 billion DOGE in open interest.

In stablecoin terms, the DOGE bets have spiked from $850 million to $1.3 billion, CoinGlass data shows.

OI refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled. High open interest indicates that there is significant interest in a particular asset. When open interest increases along with rising prices, it suggests new money is coming into the market, indicating a strengthening trend – such as Tuesday’s.

Higher open interest in token can lead to increased volatility, especially as contracts near expiration. Traders might rush to close, roll over, or adjust positions, which can lead to significant price movements.

Musk has gotten closer to Trump in the past few months with increased donations and endorsements. On various talk shows, he has talked about creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, in a quest to make government spending more efficient.

Trump has said he would enlist Musk to run a “government efficiency commission” if he wins a second term as U.S. president, per BBC.

Some traders have jumped on that narrative as a bullish catalyst in the near term.

“Elon is memeing the idea of a ‘Department of Government Efficiency’ into reality and is able to tie it to DOGE somehow,” influential X account @theunipcs told CoinDesk in a message. “If we get a Trump win after the U.S. elections next week, i expect an even more parabolic move in dogecoin and the ‘Department of Government Efficiency’ ETH memecoin because it becomes a certainty that the department will be set up.”

“There will likely a multi-month delay between Trump winning and his inauguration as well as such a department being actually set up, and that provides a solid trade opportunity,” @theunipcs added. The trader was among the first individuals to publicly state the D.O.G.E trade thesis.

DOGE prices are up more than 30% since CoinDesk first reported on the D.O.G.E trade gaining interest among traders.

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Dogecoin has trounced bitcoin with a 40% surge in the past 10 days. In the past, outsized gains in DOGE have paved the way for a broader market sell-off.

While bitcoin (BTC) and the broader crypto market seem to have found a footing despite the heightened credit risk faced by major industry players in the wake of FTX’s collapse, there’s still one factor that suggests the downtrend isn’t over.

Meme cryptocurrency dogecoin (DOGE) has rallied 40% in the past 10 days, outpacing the 18% gain in ether (ETH) and bitcoin’s 8% rise. Total market capitalization has increased by 10% to $808 billion, CoinDesk data show.

The discrepancy is significant because, historically, outsized gains in DOGE and other meme coins like shiba inu (SHIB) have portended a marketwide sell-off.

“Every time that [the] price of DOGE starts rising rapidly, there’s a market-wide crash following just moments later,” blockchain analytics firm Santiment said in a market insights note. “Right now, we are observing such a rise. Now the question is, is this time different?”

The chart shows rallies in DOGE, which started as a joke in 2013, have evolved as contrarian indicators in the past 12 months, prompting investors to trim bullish positioning in bitcoin and other cryptocurrencies. The most notable example would be DOGE’s late October surge that foreshadowed bitcoin’s FTX-induced slide to 24-month lows in mid-November.

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The price of some 67 tokens dropped more than 90% following their issuance, on-chain data shows.

A new class of Shiba Inu-inspired tokens was birthed on BNB Chain and Ethereum this Tuesday a related tweet by technology billionaire Elon Musk.

Names like “BabyDogeTwitter,” “dogenaldtrump,” “SpaceTwitterDoge,” and “ElonDogeTwit,” populated the two blockchains after Musk tweeted an image of a Shiba Inu dog wearing a Twitter T-shirt in front of a classic Halloween pumpkin with the social media platform’s bird logo etched on the side of it.

Blockchain security firm PeckShield said in a tweet in Asian afternoon hours that over 67 of such tokens fell 90% in the hours following their issuance, with 45 tokens falling 100%. This cumulatively led to losses of thousands of dollars among investors who punted on the newly-issued tokens in hopes of a long-term price appreciation.

Over 42 tokens were marked by PeckShield as honeypots, a term that describes illicit tokens that change permissions on unsuspecting users’ crypto wallets, with the goal of eventually transferring all their crypto tokens out of those wallets into one controlled by a scammer.

Musk’s tweet also sparked off a rally in dogecoin, which jumped over 14 cents to gain more than 23% in the past 24 hours. Floki Inu, another Shiba Inu-themed token, also surged by a similar figure, while Shiba Inu’s SHIB tokens jumped 8%.

Such irrational exuberance came amid a relatively flat crypto market, with bitcoin and ether rising nominally in the past 24 hours.

Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur’s statements about the token have also consistently influenced its price, as previously reported.

Dogecoin has been on a run ever since Musk confirmed his takeover of Twitter last week, with the token’s futures racking up over $90 in liquidations over the weekend in an unusual move.

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Shares of big tech companies slid on Wednesday and Thursday following dismal earnings reports.

Crypto majors slid in the past 24 hours following a plunge in US technology stocks as key companies reported lower-than-expected earnings. Bitcoin has previously followed the movement in technology stocks.

The equities drop came even after an unexpectedly strong GDP report in the U.S., with economic growth expanding 2.6% in the third quarter versus expectations for 2.4% growth, as reported. Tech-focused Nasdaq 100 finished 1.63% lower on Thursday, while S&P 500 fell 0.61%.

Dogecoin (DOGE) sunk 7.7% in the past 24 hours following a two-day rise as Elon Musk neared his takeover of microblogging service Twitter (TWTR). Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur’s statements about the token have also consistently influenced its price.

Cardano (ADA) led a decline in crypto majors, falling 6%. Ether (ETH) and bitcoin (BTC) fell 2% each while Polygon (MATIC) and Solana (SOL) fell a tamer 3%. BNB Chain’s BNB token showed nominal losses as crypto Binance – which issued BNB and supports development on the BNB Chain – confirmed its equity investment in Musk’s Twitter.

Crypto-tracked futures racked up just $97 million in liquidations, a lower-than-usual figure that suggested the declines were mostly spot driven.

Weak third-quarter results from Microsoft (MSFT) and Google parent Alphabet (GOOGL) weighed on U.S. markets on Wednesday. The companies reported a slowdown in revenue-generating units. On Thursday, shares of Amazon (AMZN) fell some 13% and warned of a slower-than-expected Christmas period amid cautious consumer spending. Operating income at Amazon decreased to $2.5 billion in the quarter, compared to $4.9 billion in the same period in 2021.

Overall, shares in Alphabet, Apple (AAPL), Amazon, Meta (FB) and Microsoft have dropped by around $850 billion since Monday, as per reports.

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The billionaire entrepreneur is supposed to close his purchase of the social media platform on Friday.

Popular meme coin dogecoin (DOGE) was up nearly 16% over the past 24 hours as billionaire Elon Musk’s purchase of Twitter approached the finish line.

The Tesla founder’s $44 million deal is supposed to close Friday.

Musk has been a major supporter of DOGE, which has become a proxy for sentiment about him. The entrepreneur’s statements about the token have also consistently influenced its price.

DOGE was most recently trading at slightly over 7 cents. It had been languishing below 6 cents for much of the past six weeks. A year ago, DOGE was trading at 25 cents.

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The Polygon Edge-based Dogechain locks nearly $5 million in liquidity and is gaining prominence among retail crypto traders.

Dogecoin prices have surged this week following retail interest in Polygon Edge-based network Dogechain, a bridge that allows traders to convert dogecoin (DOGE) to weighed dogecoin (wDOGE) and allows them to use tokens, non-fungible tokens (NFT) and products built on the network.

Dogechain is built on Polygon Edge, which lets the project bootstrap a new blockchain network while providing full compatibility with Ethereum smart contracts and transactions, according developer documents.

DOGE prices rose some 10% in the past 24 hours even as the broader crypto market remained largely flat. This added to a 25% increase over the past week, CoinGecko data shows, and is currently seeing resistance at the $0.088 price level.

Part of the price movement in dogecoin has arisen from user demand for DOGE tokens, which are used for bridging over to Dogechain. Dogechain – which touts itself as a layer 2 for dogecoin – uses dogecoin as the platform’s base trading token and as payment for fees on its network.

Dogechain is also set to airdrop its own DC token to users of the platform, its site shows. “The dogechain team is preparing to airdrop millions of $DC tokens to the Dogecoin community,” developers said. CoinDesk hadn’t replied to requests for comment at time of writing.

Some Crypto Twitter users have speculated that users who bridge their dogecoin to Dogechain will be recipients of the airdrop. This has further increased short-term demand for dogecoin.

The Dogechain bridge is raking in money from retail traders betting on short-term price movements of the dog-themed tokens, many of which contain “doge” or “shib” in their names. Most of these tokens are speculative in nature, however, and do not showcase a legitimate use case.

Data from on-chain trackers shows some $4.6 million in value is now locked on Dogechain-based products since its launch earlier this week. Over 97% of that is locked on Dogechain-based exchange DogeSwap alone, the data shows.

Dogechain developers said Wednesday that the network had seen over 480,000 unique transactions and some 58,000 native wallets since the network’s creation earlier this week.

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The company seeks to send the cases to arbitration after federal trial judges earlier rejected such requests.

Crypto exchange Coinbase has reportedly asked the US Supreme Court to send two recently filed lawsuits to arbitration, as per Bloomberg.

Federal trial judges in both cases had previously rejected Coinbase’s move to send the disputes to arbitration, which the exchange said was required under its user agreements. Coinbase is effectively appealing these initial decisions.

The cases are Bielski v. Coinbase, 22A91, and Suski v. Coinbase 22A92.

Coinbase v. Bielski was filed by California resident Abraham Bielski, who lost over $31,000 after being targeted by a scammer who purported to be a PayPal representative and accessed Bielski’s Coinbase account. Bielski claimed Coinbase provided little help in regaining the lost funds and accused Coinbase of violating the Electronic Funds Transfer Act and Regulation E therein.

On the other hand, Suski v. Coinbase saw the exchange accused of violating California consumer law by holding an allegedly misleading $1.2 million “sweepstakes” event involving memecoin Dogecoin without including adequate disclaimers and disclosures about the nature of the sweepstakes.

The complaint alleged that traders felt they had to buy or sell $100 in dogecoin by June 10, 2021, for a chance to win a cash prize, but Coinbase failed to specify users who do not trade dogecoin could take part in the event as well – leading to some feeling misled.

Coinbase has asked the Supreme Court both to intervene on an emergency basis and to take up the company’s appeals.

It added trial court proceedings should automatically stop when a party files a non-frivolous appeal seeking to send a case to arbitration, arguing that such issues arise “in every case in which a party appeals the denial of a motion to compel arbitration.”

At the Supreme Court, Coinbase says the trial court proceedings should stop while the company presses its appeal at the San Francisco-based 9th US Circuit Court of Appeals.

The 9th Circuit previously refused to block the cases.

The post Coinbase Asks US Supreme Court to Halt Lawsuits Connected to Scams and Dogecoin appeared first on Crypto Insider.

Meme coins burst onto the scene in early 2021 and helped kickstart the bull market after Dogecoin (DOGE) rallied above $0.01 to new highs while being shilled by the likes of Elon Musk and Mark Cuban.

Shortly afterwards, Dogecoin clones and other canine-themed tokens popped up to catch the wave of bullish momentum and Shiba Inu (SHIB) was one of the projects that quickly caught wind and sailed higher.

Now that Bitcoin (BTC) has hit a new all-time high again, it appears that the meme tokens are ready to continue their run and this time they’re not waiting for the big-name influencers to get on board. In the last two weeks, SHIB has rocketed to new highs and befuddled cryptocurrency traders are scratching their heads as to the exact cause.

Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $0.0000069 on Oct. 1, the price of SHIB has scorched 914% higher to a new record high at $0.0000699 on Oct. 27 as its 24-hour trading volume surged 137% to $24.67 billion.

Three reasons for the surging price and trading volume for Shiba Inu include its listing on multiple exchanges, the launch of its own line of Shiboshi nonfungible tokens (NFTs) and SHIB’s surging open interest on derivative exchanges.

Exchange listings increase access to SHIB

One of the biggest factors helping to lift the price of SHIB over the past month has been the increase in user access to the token, thanks to its listing on multiple cryptocurrency exchanges.

Some of the new listings for SHIB and the protocol’s LEASH token include the BitKan exchange, AOFEX, StealthEx and CoinFlex. Change Now also launched a “flip DOGE for SHIB campaign” to celebrate its listing of LEASH.

The ecosystem also got a bump in momentum after it was announced that a partnership with the crypto payment provider NOWPayments made it so that SHIB and LEASH can be accepted as a form of payment, used for donations and is available to issue salaries in crypto via the mass payment feature.

As an added deflationary feature, 3% of the profit NOWPayments receives from all SHIB transactions will be burned.

Shiboshi NFTs

A second reason for the building strength of Shiba Inu was the launch of its own line of NFTs known as Shiboshi’s.

NFTs continue to be one of the most popular sectors of the cryptocurrency ecosystem and are a reliable way for projects to increase their community interaction and support.

The Shiboshi drop included 10,000 individual NFTs and community members had 24 hours to purchase them using the protocol’s LEASH token.

All Shiboshi’s have now been minted and listed on the OpenSea NFT marketplace.

Surging open interest

A third reason for the rising strength of SHIB has been the surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.

As seen in the chart above, the OI for SHIB has surged from $15.7 million on Oct. 3 to a record $178.95 million on Oct. 27 as the price of SHIB spiked to a new all-time high.

According to markets analyst and Cointelegraph contributor Marcel Pechman, “the open interest seems to be following the price pump instead of an actual increase.”

What is interesting to note is that while it’s “usually expected during bull runs for sellers to have their position liquidated,” that did not happen in this recent run-up which means traders either “doubled the short by adding more margin,” which Pechman sees as unlikely, or “those are market makers who are fully hedged and don’t care about the price.”

Pechman said,

“Longs are in huge profit, so it’s easier for them to keep buying spot and pushing the price up. There seem to be no ‘real’ short-sellers, only market makers. Had there been huge liquidations, the open interest would have gone down.”

VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Oct. 24, prior to the recent price rise.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS Score for SHIB began to pick up on Oct. 23 and climbed into the dark green zone for a high of 89 on Oct. 24, around seven hours before the price increased 119% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

By Jordan Finneseth

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