South Korea's cryptocurrency market has seen significant activity recently, with particular attention on low market cap altcoins known as "Kimchi Coins." These tokens, including MEVerse (MEV), fanC (FANC), BORA, and StormX (STMX), have experienced rapid price increases primarily driven by rumors and excitement surrounding the government's initiative to issue a won-backed stablecoin.
While major cryptocurrencies such as Bitcoin (BTC) and XRP show sideways trading, these domestic altcoins surged, with MEV even surpassing Ethereum and Solana in trading volume on key local exchanges like Bithumb. Approximately 99% of their global trading volume occurs on South Korean exchanges including Upbit, Bithumb, and Coinone.
MEVerse is issued by KOSDAQ-listed gaming company Me2On, and fanC is backed by Seoul-based startup CELEBe. Despite the rapid growth, experts have cautioned investors due to the speculative nature of these price movements and the absence of official confirmation regarding any partnership between these coins and the government-issued stablecoin project.
A securities firm official warned that these price surges could collapse suddenly, comparing the situation to previous episodes such as Paycoin (PCI), highlighting the risks of investing based on speculation rather than concrete developments. Analysts emphasize the importance of scrutinizing the operational and business viability of these projects before investing.