Summary
- It was reported that domestic investment demand has significantly increased due to President Donald Trump's issuance of the 'Official Trump' cryptocurrency.
- The Solana trading volume reached 2.8 trillion won, surpassing Bitcoin trading volume by double, and Solana prices surged.
- The market capitalization of the 'Melania Meme' coin recorded 8.5 billion dollars, and as a result, the prices of major cryptocurrencies are also rising.
'Kimchi Premium' Exceeds 5% at One Point
Bitcoin Surpasses 160 Million Won 'Record High'
The Kimchi Premium, which indicates the price difference of cryptocurrencies between domestic and international markets, exceeded 5% at one point. It is analyzed that domestic demand for cryptocurrency investment has increased following the issuance of the meme coin (trendy cryptocurrency) by President Donald Trump.
The Return of Korean Investors Amid 'Trump Coin' Craze According to the industry on the 20th, the Kimchi Premium recorded 5.06% at one point that day. This means that domestic prices are that much more expensive than overseas. After President Donald Trump won the U.S. presidential election on November 6 last year, Bitcoin prices soared, but the Kimchi Premium often moved around 0%. This was because there was more investment demand overseas compared to domestically.
The Kimchi Premium, which was 0.82% the previous day, surpassed 5% that day due to the influence of the cryptocurrency 'Official Trump (photo)' officially issued by President Trump, according to analysis. Although 'Official Trump' cannot be directly invested in domestic cryptocurrency exchanges, the trading volume of Solana, which is the basis of this coin, surged domestically.
On the domestic cryptocurrency exchange Upbit, Solana's 24-hour trading volume reached 2.8 trillion won. This figure is more than double the Bitcoin trading volume (1.2 trillion won). Solana surged over 20% in a single day on the 18th, surpassing 450,000 won, and is currently trading at around 370,000 won.
On the same day, First Lady Melania Trump also issued a meme coin called 'Melania Meme'. This coin once surged by 24,000%, recording a market capitalization of 8.5 billion dollars. The Melania Meme is also a Solana-based coin. The American media criticized, saying "Literally making money using the presidency," and "Isn't the sitting president exerting undue influence?"
The prices of major cryptocurrencies such as Bitcoin also rose accordingly. As of 5 p.m. that day, Bitcoin recorded 161,242,000 won, up 4.7% from 24 hours ago, marking a new record high in a month. Ethereum rose 3.62% to 5,069,000 won, and Ripple rose 6.14% to 4,787 won.
Reporter Joe Mihyeon mwise@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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