Kimchi Coins: The Unique South Korean Cryptocurrencies You Should Know
Kimchi Coins: The Unique South Korean Cryptocurrencies You Should Know
Kimchi coins, a combination of 'kimchi' (symbolizing Korea) and 'coin', refer to cryptocurrencies primarily issued in Korea or those with high trading volumes on domestic exchanges. These coins occupy a unique position in the domestic market and sometimes show movements different from the global market.
Introduction to Major Kimchi Coins
The following table summarizes the characteristics of representative Kimchi coins:
| Coin Name | Symbol | Key Features | Developer/Operator |
|---|---|---|---|
| Klaytn | KLAY | Metaverse-focused blockchain | Krust, Kakao subsidiary |
| ICON | ICX | Multi-chain bridge solution | ICON Foundation |
| BORA | BORA | Digital content platform | BORA |
| LINK | LN | Next-generation blockchain | LINE Tech Plus |
| PlayDapp | PLA | dApp game portal | PlayDapp |
Klaytn (KLAY)
Klaytn is one of the most famous Kimchi coins in South Korea. This public blockchain, operated by Kakao's subsidiary Krust, focuses on metaverse, GameFi, and the creator economy. It's also listed on Binance, the world's largest cryptocurrency exchange, giving it high international recognition.
Key features:
- Total supply: Over 10 billion
- Market cap: About 740 billion KRW (based on circulating supply)
- All-time high: 5,049 KRW
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ICON (ICX)
ICON is a Layer 1 blockchain focusing on building multi-chain bridge solutions. Aiming to connect cryptocurrency with real life and create a hyper-connected society, this network was first issued in September 2017.
Key features:
- Circulating supply: About 9 billion
- Market cap: About 215.8 billion KRW
- Trading volume: Upbit 44.48%, Binance 2nd place
BORA (BORA)
BORA is a decentralized blockchain platform for internet-based content businesses. In April 2022, it announced a transition to a Play-to-Earn (P2E) platform through the BORA 2.0 upgrade.
Key features:
- Major exchanges: Upbit, Bithumb
- Application area: Digital content platform
LINK (LN)
LINK is a blockchain platform launched by LINE Tech Plus, claiming next-generation technology capable of handling high traffic.
Key features:
- Total supply: 6,345,959 (very low)
- Circulating supply: 6,262,618
- Major exchanges: Bithumb (41.06%), Huobi (38%)
PlayDapp (PLA)
PlayDapp is a dApp game portal providing a Customer-to-Customer (C2C) marketplace. It mainly deals with NFT-based game content.
Key features:
- Maximum supply: 700,000,000
- Circulating supply: 488,229,678
- Market cap: About 133.77 billion KRW (as of December 5, 2022)
- Major exchanges: Upbit (66.90%), Binance
Characteristics of Kimchi Coins
Kimchi coins occupy a unique position in the domestic market and have distinct advantages and disadvantages.
Advantages:
- High liquidity due to large trading volumes on domestic exchanges
- Potential for independent movement from international markets due to limited overseas listings
- Possibility of high short-term returns
Disadvantages:
- High risk due to volatility
- Possibility of price manipulation by external interest groups
- Often unsuitable for long-term investment
Kimchi coins represent a unique asset class reflecting the specificity of the Korean cryptocurrency market. While they offer high profit potential, they also come with significant risks, necessitating a cautious approach when investing.