The price of Bitcoin is displayed on a screen at crypto exchange Upbit's headquarters in southern Seoul, Tuesday. Yonhap

Meme coins like Dogecoin and Shiba Inu are experiencing explosive trading volume following Donald Trump's victory in the U.S. presidential election last week, which sparked a positive outlook for the cryptocurrency industry.

According to Upbit, the largest cryptocurrency exchange in Korea, the 24-hour trade value of Bitcoin, the world's leading cryptocurrency, amounted to around 1.743 trillion won ($1.2 billion) as of 3 p.m. on Wednesday.

The 24-hour trade value of a cryptocurrency is the total amount of money that has been exchanged for that specific cryptocurrency in the last 24 hours. A higher trading volume generally indicates greater interest and market activity.

Bitcoin's price has surged so much that each unit is now worth over 120 million won, with a trading volume of about 14,000 units, pushing its total trading value close to 2 trillion won.

However, another cryptocurrency accounted for the largest trading value.

Dogecoin's 24-hour trading value reached over 7.757 trillion won during the same period, with a trading volume of 14 billion units.

The price of one Dogecoin was 236 won on Nov. 5, just before the U.S. presidential election, and has since soared to over 500 won. But it still remains at the penny stock level. This indicates an explosive surge in trading volume.

Following Dogecoin and Bitcoin, Shiba Inu ranked third, with a 24-hour trading value of 1.036 trillion won. The price of one Shiba Inu is incredibly low, under 0.05 won, yet its 24-hour trading volume reached more than 27 trillion, comparable to Bitcoin.

Dogecoin is a cryptocurrency that gained popularity through the endorsement of Elon Musk, the CEO of Tesla, who once praised it as being better than Bitcoin. This meme coin is now benefiting from renewed interest, fueled by expectations linked to Musk's public support for Trump.

Kiwoom Securities analyst Kim Hyun-jeong said, “The cryptocurrency market is expected to rise along with the U.S. stock market. The sharp rise in Dogecoin seems to be linked to the increase in Tesla's stock price.”

However, experts agree that while cryptocurrencies may experience a short-term surge due to the optimism surrounding Trump's victory, the overheated investment in some meme coins is risky.

“It should be viewed simply as a phenomenon. It's difficult to make price forecasts or judgments based on any particular perspective,” Shinyoung Securities analyst Lim Min-ho said.

Meanwhile, Bitcoin has continued its upward momentum since Trump's election, surpassing the $90,000 mark.

According to the U.S. cryptocurrency exchange Coinbase, the price of one Bitcoin was $90,045.35 at 3:55 p.m. on Tuesday EST, up 3.4 percent from 24 hours earlier.

This marks the first time that Bitcoin's price has exceeded $90,000.