According to statistics recorded by the Velo statistics app, Dogecoin (DOGE) is down 10% so far this year, with the majority of the bearish pressure on the top meme cryptocurrency occurring during European hours.During European and American trading hours, DOGE’s cumulative year-to-date returns were -44.44% and -25%, respectively.The total return for the Asia-Pacific day was positive 25.6%, meanwhile.
To put it another way, sellers have dominated during the European (8:00 a.m.–6:00 p.m. Brussels time) and American (8:00 a.m.–6:00 p.m. New York time) trading hours.The Asian hours, which are defined as 8:00 a.m. to 6:00 p.m. Seoul time, have seen buyers get the upper hand.
The session-wise results of the self-described “Dogecoin Killer Shiba Inu” (SHIB) present a similar picture.Meanwhile, during American hours, bitcoin has constantly risen.
These equal-length time frames were chosen by Velo after taking into account regional volume profiles and stock market hours.There is some overlap between the sessions.Memecoins have been around for a while and are actively traded on South Korean exchanges like Upbit and Bithumb, which explains why DOGE and SHIB performed well during the Asian trading session.The majority of trading volume during DOGE’s 10% increase in late July came from Upbit, which is known for speculating in trading pairs for crypto-Korean won.
Due to its lack of social mobility options, exorbitant real estate costs, and competitive labor market, South Korea, according to Matrixport, dominates the market for smaller tokens.In addition, the gloomy performance of DOGE and SHIB during U.S. and European hours is consistent with the hazy regulatory future for alternative cryptocurrencies.In its action against Coinbase and Binance, which was filed in June, the U.S. Securities and Exchange Commission (SEC) refers to various altcoins as securities.Although DOGE and SHIB were not mentioned, tougher rules for cryptocurrencies may have an influence on memecoins.