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Crisis in South Korea could boost memecoins
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The recent declaration of martial law in South Korea has sparked a wave of volatility in the cryptocurrency market, drastically affecting major digital currencies. While traditional cryptocurrencies like Bitcoin (BTC) and XRP have faced significant drops, memecoins like $SHIB started to show positive performanceindicating that the deregulatory nature of memecoins could be an interesting resource for Korean investors.
The situation began with a massive sell-off on South Korean exchanges, where Upbit and Bithumb recorded trading volumes exceeding $30 billion. It appears the sell-off was driven by political uncertainty and economic instability, resulting in price drops for established cryptocurrencies. Bitcoin, for example, fell to US$63,000 on Korean cryptocurrency exchanges.
Another one that showed a significant drop was XRP, a cryptocurrency adopted by several Korean banks as a means of payment, which had successive drops from yesterday to today. Known for being a faster and low-cost payment solution, the cryptocurrency experienced a two-day decline in a row.
On Monday, the day before the announcement of martial law, the Ripple token was experiencing successive gains and was priced at US$2.7. However, after the announcement, the XRP dropped to $2.5 and the next day to $2.42. Faced with the uncertainties generated by political movements, investors are migrating to tokens in which decentralization is guaranteed, such as memecoins.
Political crisis affects the future
An example of this can be seen in the price variation of memecoins, such as $SHIB. With a strong community in South Korea, cryptocurrencies in 2020 registered an increase in today’s market. The token recovered the losses from yesterday and returned to the level of December 1st, going from ₩ 0.039 (Korean dollars) at the beginning of the day and reaching US$ ₩ 0.0412. An increase of 5% in the last 24 hours.
The political crisis in Korea is also affecting the country’s technological development. An example of this can be seen in the relocation of blockchain startups abroad, which could compromise the competitiveness of the blockchain industry in South Korea.
Nexon’s blockchain arm, Nexpacewas transferred to Abu Dhabi. THE Klaytn and LINE Finschia’s Kaia Foundation have relocated to Singapore. Already the Wemixfrom Wemade, was moved to Dubai. At a time when Web3 and blockchain technology are developing rapidly, the loss of talent could have long-term negative consequences in Korea.
Furthermore, the political issues facing the country should also delay the debate on important legislation. Projects such as the Virtual Assets User Protection Law, which is currently under discussion in the National Assembly, will be left aside. These delays could make it even more difficult to regulate the cryptocurrency market in South Korea.
Crisis in South Korea could boost memecoins
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Crisis in South Korea could boost memecoins
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Crisis in South Korea could boost memecoins
