10X Research: MemeCoin mania driven by South Korean market

"The recent MemeCoin mania seems to be driven by the South Korean market," Markus Thielen, Head of Research at MatrixPort and founder of 10X Research, told CoinDesk. "Eighty percent of the price increase in MemeCoin was concentrated during Asian trading hours. There was also a significant increase in trading volume in the South Korean cryptocurrency market, and given the trading behavior of South Korean traders, it appears that the MemeCoin mania is being driven by the South Korean market. Potential crypto deregulation policies related to the upcoming general election in South Korea are also contributing to the bullish environment," said Mr. Khan. He added, "Memecoin has an excessively fast trend change tempo, which makes it difficult for it to rise without significant trading volume. It is unclear how long the Memecoin mania will last.