South Korea's vibrant crypto market has witnessed a significant development - Dogecoin has become the second-most-traded digital asset on Upbit, the country's largest crypto exchange. This surge positions Dogecoin, once a lighthearted meme coin, as a serious contender in the crypto space.

Korea's long history of embracing crypto innovation fosters a passionate community driving market activity. As a leading indicator of global trends, this market's shift towards Dogecoin highlights its potential and widespread appeal. Dogecoin's remarkable journey, from a playful joke to a respected competitor, has captured global imagination and fostered a dedicated following.

Currently valued at $29.23 billion, Dogecoin is now the eighth-largest cryptocurrency by market capitalization, surpassing Cardano (ADA) which sits at ninth with a valuation of $21.58 billion. This rise coincides with a 9% price increase for DOGE, though it has since retreated slightly. Still, a potential third consecutive daily gain underscores the coin's momentum.

According to IntoTheBlock, "meme coin season" is upon us. The overall value of meme coins has nearly tripled in 2024, with Dogecoin itself doubling in price year-to-date. This surge has driven the total valuation of meme coins to over $56 billion, with demand reaching its highest peak since 2021.