“Koreans have literally rushed into the Dogecoin market,” said Markus Thielen, founder of 10x Research. According to him, interest in DOGE has surged by 78% following the victory of pro-crypto Donald Trump in the U.S. presidential election.

According to TradingView, Korean exchanges Upbit and Bithumb are showing a 1.5% premium for the DOGE/KRW pair compared to the DOGE/USDT pair on Binance. This is the highest premium observed in the last three months and reflects increased interest in Dogecoin in the local market.

Thielen also noted that DOGE trading volumes have reached $8 billion, which accounts for 57% of the total capitalization of all stocks in Korea. “DOGE has ranked first in trading volumes on Upbit and Bithumb since Trump’s victory,” he added in a note to clients.

Elon Musk plans to establish the “Department of Government Efficiency” in Trump’s administration, abbreviated as D.O.G.E, which is generating additional interest in the cryptocurrency.