kimchi

According to community reports, on October 23, crypto influencer kimchi posted an image containing a QR code, which points to the meme coin kimchi. Relevant information indicates that the kimchi address holds over 50% of the token, and it is different from the previously mentioned "speedrun 30 million dollars" token. The co-founder of the meme coin issuance platform pump.fun, alon, subsequently retweeted the post.The new kimchi token briefly surged to a market value of about 10 million dollars. Afterward, alon canceled the retweet, kimchi deleted the post, and removed the mention of pump.fun from his personal profile, leading to a rapid decline in the token's value, which was then about 190,000 dollars. According to GMGN market data, the previous Kimchi token also accelerated its decline that morning, with a market value of about 12.81 million dollars at that time.These actions have sparked dissatisfaction within the community, with some crypto investors accusing kimchi and alon of potentially illegal behavior. Kimchi has frequently flaunted wealth on social media and claimed to have profited significantly from investing in the TRUMP token. Recently, alon stated that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and is the first case of a trader becoming a public figure.

According to GMGN market data, the Meme coin Kimchi on the Solana chain continued to decline after a rapid surge to a market value of 40 million USD yesterday, currently reported at 21.51 million USD, with a drop of over 50% from its peak. The top address for this token invested 144,000 USD at a market value of 33.7 million USD and has now incurred an unrealized loss of over 50,000 USD.Previously, it was reported that this token was inspired by the influencer trader Kimchi (@kimchi1x), who currently holds 75.32% of the total supply of this Meme coin. ChainCatcher reminds users that Meme coins generally have no practical use cases and exhibit significant price volatility, so investment should be approached with caution.

The Meme coin Kimchi on the Solana chain reached a market value of 40 million USD within 1 hour of its launch, currently reported at 38.71 million USD, with a transaction volume of 23.7 million USD. Kimchi (@kimchi1x) currently holds 75.32% of the total supply of this Meme coin.This trader rarely posts trading records or calls, mainly sharing photos and videos related to life, travel, luxury cars, and watches. Alon, co-founder of Pump.fun, stated that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, as well as the first case of a trader growing into a public figure. Alon mentioned that Kimchi is helping Pump.fun define its creative direction and expand the ecosystem.

Bitcoin has reappeared with a "kimchi premium" in the South Korean market. The price of Bitcoin in Korean won on South Korea's largest cryptocurrency exchange, Upbit, is about 1% higher than the price in US dollars on Binance. This premium has persisted for a week, marking the longest duration since early May.At the beginning of September, Bitcoin's price was around $79,000, having briefly surpassed $80,000 in August. The net inflow into US spot Bitcoin ETFs was approximately $1.92 billion in the week of August 17, setting a new weekly high for the past 10 months; by the end of August, another $923 million flowed in.Data from Upbit shows that for most of this summer, Bitcoin was trading at a discount in the South Korean market compared to international prices, with the discount reaching 3.1% in early June and an average discount of 0.25% in August. 10x Research indicates that while the Korean premium has turned positive, spot trading volume has not increased in tandem.

According to Cryptopolitan, the kimchi premium for Bitcoin on South Korean exchanges has risen to 1.98%, the highest level since the end of February.This metric measures the price difference between Bitcoin on South Korean exchanges and the global volume-weighted average price through CryptoQuant's Korean premium index. After the outbreak of the US-Iran conflict in early March, this index fell to a discount of -2.27%, and this rebound indicates a resurgence in demand from South Korean buyers. Currently, calculated using the Upbit price and the global volume-weighted average price, the premium has fallen back to 0.77%.

ChainCatcher news, CryptoQuant CEO Ki Young Ju posted on X platform that the Bitcoin "kimchi premium" has reached 12%, a new high in three years. The main reason for the decline in BTC seems to be the strengthening of the DXY (Dollar Index).

ChainCatcher news, CryptoQuant analyst Joo Hyun Ryu stated, "The 'kimchi premium' has reached a local high of 5.12, indicating that the demand for Bitcoin among Korean investors is very strong."Ryu explained, "However, this sharp market correction seems to be attracting new investors, as data shows that the proportion of short-term holders (STH, holding period of less than three months) has increased by 3 percentage points in just one week."

ChainCatcher news, South Korean prosecutors have indicted 20 individuals for illegally remitting approximately 40 trillion won (about 3.2 billion USD) overseas, and for illegally profiting up to 210 billion won (about 17 million USD) from the cryptocurrency kimchi premium. South Korean officials have filed for detention against 11 of them, while the other 9 have not been detained.The defendants transferred funds to other countries and purchased cryptocurrencies by disguising them as foreign trade payments through 256 South Korean bank accounts between January 2021 and August 2022, and then sold the cryptocurrencies at high prices in South Korea. Prosecutors stated that given the kimchi premium rate was as high as 5% at the time of the violations, they are currently executing the procedure to confiscate a total of 13.1 billion won (about 10.6 million USD). (source link)

ChainCatcher news, the International Crime Investigation Division of the Central District Prosecutors' Office in Seoul, South Korea, has arrested and prosecuted a gang of four suspected of violating the Foreign Exchange Transaction Act and the Specific Financial Information Act. This gang had been using remittances to buy cryptocurrencies on overseas exchanges from September last year to March this year, then transferring them to other overseas and domestic exchange accounts for sale, totaling 15 trillion won (approximately 1.178 billion USD) in cryptocurrency sold. Prosecutors believe they systematically committed crimes with the aim of profiting from the so-called "kimchi premium."It is reported that the South Korean cryptocurrency market had previously shown signs of overheating, with cryptocurrencies in the Korean market priced higher than in other countries, a phenomenon known as the "kimchi premium."