Korean low-cap altcoins, such as Kimchi coins, have experienced a rapid surge in value over the past few days.
Many analysts has attributed the jump to the growing excitement over the new government-led plan to launch a won-backed stablecoin, which has become a hot topic in both the financial and blockchain sector.
This has caused a ripple effect with related coins also benefitting from all the buzz. Despite the rally, industry insiders are asking investors not to dive in the trend too soon as the spikes in altcoins might be just short-lived.
Interestingly, South Korean media outlet Biz Watch has reported that the buzz only created a wave among domestic coins which has seen an abnormal price surges.
Notable examples include MEVerse (MEV), which jumped from around KRW 3 to KRW 20, and fanC (FANC), which rose from KRW 5 to KRW 13.
Wrapped Nine Chronicle Gold (WNCG) also saw a significant increase, climbing from KRW 29 to KRW 57. Tokens such as BORA and Storm X (STMX) posted gains exceeding 60% on local exchanges.
Meanwhile, major cryptocurrencies like Bitcoin and XRP remained stagnant.
These domestic coins are particularly popular on South Korean exchanges, with more than 99% of their global trading volume occurring on platforms like Bithumb and Coinone.
MEV was issued by Me2On, a KOSDAQ-listed gaming and entertainment company, while fanC is the native token of Seoul-based startup CELEBe, which specializes in mobile apps and social media services.
Biz Watch noted that many of these coins have long been lost and forgotten, with many of its trading volumes and market value hitting rock bottom.
Just like memecoins, these coins initially gained massive hype and attention when they were first released. But as time passed, interest of the coins would wane and media coverage on the project would become increasingly scarce.
However, the recent government-led push for a won stable coin has reignited interest and trading activity.
Apywa, a South Korean analyst, has provided evaluation grades for domestic and international projects. It has rated FANC at C- (41.48 out of 100), while MEV scored a C (45.83).
By contrast, Bitcoin received an A+ with nearly 95 points. STMX and BORA were graded B- and B, respectively. Apywa deducts points for projects with low community engagement and limited development activity.
Although it remains unclear whether any of these projects have a direct relationship with the government’s stablecoin initiative, experts suggest that the price increases may be linked to perceived connections with overseas stablecoins like Tether (USDT) or USD Coin (USDC).
In other cases, these tokens may offer payment or settlement features that have caught the attention of traders.
At the time of writing, MEV’s trading volume on Bithumb has even surpassed that of Ethereum (ETH) and Solana (SOL).
Despite the current excitement, experts are warning of potential risks and market confusion. An unnamed securities firm employee warned
“With the government’s push to issue a won-denominated stablecoin, fintech and blockchain companies are announcing business plans, one after another. They are claiming relevance, and their prices are rising.”
A crypto industry insider added a note of caution
“In the past, projects like Paycoin (PCI) soared when local government stablecoins were a big thing. They then dropped by more than 30% in just a few days. Similarly, coins related to won stablecoins could plummet at any time. Investors should carefully consider the operational status and business viability of projects. People should invest with caution.”
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