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Numerous meme coins launched with trending keywords... warning of volatility
As 'Bukang-i', the shark that appeared in Busan's Bukhang Waterfront Park, garnered public attention, a meme coin modeled after it was launched.
According to the virtual asset industry on the 28th, a virtual asset (coin) named 'Bukang-i' was issued on the meme coin issuance platform Pump.fun on the 20th and has been traded ever since.
As of 2 PM on this day, the price of this coin is only $0.00126142, which is around 1 KRW. Its market capitalization reaches $1.26 million (approximately 1.7 billion KRW).
A meme coin is a coin inspired by memes (online trending content) and created for fun, characterized by a lack of inherent utility and a strong speculative nature.
Pump.fun, a company incorporated in the British Virgin Islands, is a platform where anyone can create meme coins without special technical skills, and countless coins are born and forgotten every day.
Topics that have become popular in Korea are also frequently issued as meme coins, with various coins bearing Korean names such as 'Bus House', 'Lovebug', 'Neukgu', and 'Fubao' currently in circulation.
Due to the lack of special issuance restrictions, when a keyword becomes popular, coins that mimic it are issued, leading to the emergence of numerous meme coins with similar names.
The industry advises investors to be cautious when investing in meme coins, as they are highly volatile and have few market participants, making it easy to artificially manipulate their market capitalization.
Ahn Kwang-ho, a researcher at Tiger Research, stated, "In the past, many meme coins based on Korean issues emerged," adding, "If you buy incorrectly, you can get stuck without being able to find the right selling timing."
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