The Korean Bid is Back
$DRIFT was listed on Upbit last week. Guess what happened.
Those who faded the Trump win had to pay their price. Shorts were liquidated while the degenerate bid kept on winning. The most interesting part is that the Kimchi Premium was still negative when all of this happened.
As of writing, KP has hit +0.50%. Which is nothing compared to past bull market trends where KP hovered around 10% and peaked at 20% during full mania. However, one must be wary of this figure in the future because institutional trading accounts are likely to be enabled soon, thus the KP benchmark might render meaningless or at least have less pronounced figures.
On DCInside (aka the Reddit of Korea), the Bitcoin gallery (think of it as a subreddit) climbed up the “currently crowded gallery” ranks, currently at no.6. But also the Loans gallery is closely following running as the eighth most popular gallery at the moment.
Let’s take a closer look at the most popular posts on the Bitcoin gallery.
“Are we even back? I’m so down on UXLINK I wanna die”
“For real, sigh, fuck”
“Can someone save me on DRIFT? I’m a college student”
“My salary… fuck”
“DRIFT… please”
“DRIFT 3950(KRW) fuck I can’t breath”
“UXLINK just kill me”
I guess degeneracy comes with a cost.
On a more positive note, there were people making big bucks with recent Binance listings. Definalist, best known for their sophisticated onchain analyses were able to profit $1M during today’s $ACT and $PNUT listing. Their onchain sleuthing through $MOODENG insider wallets allowed them to catch on the listing.
Funnily enough, they were spotted by Lookonchain before Binance announced any listings. In the comments, people were convinced that this can only be an insider. I can only say they were only good at their job.
The lessons learned from this week are:
Upbit listings are pumping hard, bull market confirmed?
Kimchi Premium is still very low, euphoria still far away?
Koreans win the world or become suicidal, nothing in between.
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