Narratives Over Numbers: Listings, Trends, and Community Shifts

1. Market Overview

Last week, the Korean crypto market saw a mix of strategic exchange listings, shifting trading patterns, and evolving community narratives. Upbit added Orca (ORCA), reinforcing its trend of supporting Solana ecosystem tokens, while Bithumb listed Bubblemaps (BMT), PAX Gold (PAXG), and Across Protocol (ACX), catering to both speculative and institutional interests.

Among these, Bubblemaps gained significant attention due to its Binance Wallet TGE connection, triggering a cultural moment where traders rushed to participate, expecting a Binance listing. Orca’s listing fueled speculation around yet-to-be-listed Solana tokens, while its price surged on Upbit, creating a notable kimchi premium. Meanwhile, PAX Gold’s introduction coincided with Bitcoin Gold’s delisting, positioning it as a "real gold" token in Korea.

Despite these listings, the overall trading volume continued its downward trend, with Upbit and Bithumb recording 3.1 billion USD in daily average trading volume, marking another week of declining market activity. XRP and USDT dominated trading volumes, reflecting a defensive stance among traders amid the ongoing bearish sentiment. Bounce Token (AUCTION) continued its streak of high trading volumes, standing out as a key asset despite the broader decline.

On the community side, a proposed wallet reporting law sparked widespread opposition, with over 54,000 people signing a national petition against it, citing concerns over financial surveillance. Meanwhile, offline meetups gained traction as warmer weather led to an increase in networking events, shifting towards more relaxed, food-focused gatherings rather than traditional parties. Additionally, a massive KOL giveaway event with prizes ranging from Mac Studios to coffee vouchers kept engagement high in online crypto circles.

As the market remains subdued, traders and investors are shifting focus towards narrative-driven opportunities, particularly in exchange trends, potential airdrops, and regulatory developments. The coming weeks will determine whether new listings and DeFi activity can inject fresh momentum into Korea’s crypto landscape.

2. Exchanges

2-1. Newly Listed Coins

Last week, major Korean exchanges introduced several new listings:

• Upbit listed Orca (ORCA)
• Bithumb listed Bubblemaps (BMT), PAX Gold (PAXG), Across Protocol (ACX)

Key Marketing Strategies & Takeaways

🔹 Bubblemaps (BMT)

Bubblemaps ($BMT) launched through Binance Wallet’s exclusive TGE, following right after MyShell — a spot that, in Korea, basically guarantees attention. There's even a saying in the Korean community: “If it’s second in line, you eat.” That logic held true again, as KOLs flooded their channels urging everyone to join, with some going as far as saying, “You don’t deserve to call yourself a degen if you skip this.”

It became a cultural moment, with many Korean users signing up with every account they could get their hands on, including family members'. The previous flow of Binance Wallet TGE → Binance Alpha → Binance Spot listing was widely referenced, leading many to commit to “hold until Binance listing.”

Sure enough, the Binance listing came — followed shortly by a listing on Bithumb, which only further confirmed the pattern Korean traders had been watching for.

🔹 Orca (ORCA)

When Orca was listed on Upbit, the Korean community wasn’t too surprised. Many had already noticed a trend: Upbit seems to favor Solana ecosystem tokens. Orca’s listing only reinforced that belief, especially given its out-of-nowhere timing, which made people even more convinced something was up.

The listing sparked a wave of speculation, with many digging through yet-to-be-listed Solana tokens, hoping to find the next big one. Meanwhile, Orca’s price exploded in Korea, reaching a local high of $6.6, while it topped out at just $5.03 on Binance — a classic kimchi premium moment.

Adding to the fun, Korean channels couldn’t resist pointing out how “Orca” sounds like “오를까?” (which means “Will it rise?”) in Korean, turning it into a full-blown meme. No proof that this drove the price, but it definitely added to the buzz.

🔹 PAX Gold (PAXG)

As Bitcoin Gold (BTG) prepared for delisting, Korean traders welcomed PAX Gold (PAXG) as the “real gold” token, since it’s actually backed by physical gold. KOLs joked that this was a “generational shift” in the world of gold-related crypto assets, with many celebrating the arrival of an actual gold-pegged token on Korean exchanges.

Some, however, couldn’t help but throw in a bit of humor, suggesting that gold’s price might now fall — simply because it got listed in Korea, which is sometimes seen as a local top signal.

🔹 Across Protocol (ACX)

Across Protocol may not have been on the radar for most Korean retail users, but airdrop hunters and DeFi veterans were already familiar with it as a fast, low-fee bridge and a potential superchain airdrop play.

Its listing raised eyebrows mostly because of the timing — it went live on a Saturday, which is unusual for Korean exchanges that typically only list on weekdays. Some in the community even drew parallels with Orca’s listing the day before, sparking light-hearted conspiracy theories about whether something coordinated was going on.

While it wasn’t a mainstream headline, Across got solid attention from Korea’s deeper DeFi circles, especially those who had already used the bridge.

2-2. Trading Volume

Last week, the combined daily average trading volume on Upbit and Bithumb reached approximately 3.1 billion, showing a dramatic decline of nearly 10% compared to the previous week**. The cumulative trading volume over the 7-day** trading period totaled 21.8 billion, with Upbit and Bithumb recording 16.5 billion and 5.3 billion respectively.
*Upbit and Bithumb are the dominant cryptocurrency exchanges among the five major platforms that have obtained Korea's Virtual Asset Service Provider (VASP) certification, representing approximately 95% of the domestic market share.

Since entering a recent bearish phase, XRP and USDT have dominated trading volumes on major domestic exchanges for several consecutive weeks.. Overall market activity remains subdued, with trading volumes at their lowest levels this year and declining for several consecutive weeks.

A key characteristic of last week's trading volume is AUCTION, which has consistently ranked among the top in trading volume for several weeks. Apart from this, trading patterns vary by exchange.

2-3. Top 10 Gainers

ZetaChain (ZETA) ranked first in weekly returns on Upbit and second on Bithumb, recording an impressive gain of nearly 63% on Bithumb. This performance was supported by news of validator partnerships with major global companies such as Deutsche Telekom, Coinbase, and Google Cloud. Additionally, API3, listed on Bithumb, delivered a 125% return. This asset has recently seen strong buying activity from large holders, with trading volume trends closely aligned with global markets.

3. Key News from Social Media

3-1. Petition Against Wallet Reporting Law Gains Major Support

A proposed bill in Korea would require individuals to report ownership of their personal crypto wallets for inheritance and gift tax purposes. While the law hasn't passed yet, it’s already sparking concern in the Web3 community.

Many argue this move could lead to unprecedented government surveillance, going against the core values of privacy and financial freedom. A national petition opposing the bill has been gaining serious traction—over 54,000 people have signed it, with many KOLs actively sharing the link.

If you'd like to check out the petition or show support:

🔗 Petition Link

3-2. Spring Meetup Season

With the weather warming up, crypto meetups are popping up all over Korea. One KOL even started a Telegram channel called ‘밥도둑 코리아 (Rice Thief Korea)’ to share upcoming event announcements and post-meetup reviews.

Lately, there’s been a shift in sentiment—less hype around DJs and free alcohol, and more love for chill vibes and good food. So, if you're planning to host an offline event in Korea, it might be smart to lean into quality meals and cozy settings.

And hey, if you're thinking about organizing something here, INFCL has a ton of event experience—feel free to reach out!

3-3. Massive KOL Giveaway Goes Live

It’s not just offline—a huge spring-themed KOL giveaway is happening online too! Around 26 KOL channels joined forces for a mega event featuring prizes like a Mac Studio, massage chair, Apple Watch, Dyson dryer, and more.

Even the 7th-place prize is a coffee voucher—being given to 1,000 people! That’s the kind of KOL collab that keeps Korean crypto Telegram groups lively (and well-caffeinated).

4. Events

4-1. Sign

Sign continued to show just how committed they are to the Korean community with another AMA and offline karaoke meetup this week. The AMA, co-hosted with Marine, featured the project’s Head of Product and a rep from one of their investors, and ran for over two hours with lots of great questions and karaoke singig.

A few days later, Sign hosted a karaoke night in Gangnam from 9PM to 3AM, ending right on cue with a final song at 2:59. There was plenty of food (especially chicken), and the room was filled with crypto regulars, laughter, and a few seriously impressive singers.

The mood was upbeat and full of energy, with extroverts soaking it all in. Some groups even kept the night going with board games or late-night food, while a few introverted guests quietly slipped out early.

Another strong showing from Sign — both online and IRL.

4.2. Babylon Genesis Pre-Launch Meetup

With its upcoming Babylon Genesis chain launch, Babylon hosted a pre-mainnet meetup in Korea to introduce its vision and roadmap. Known for enabling trustless native Bitcoin staking, Babylon is gaining global traction — and the Korean community showed up to learn more.

The event kicked off with networking (and snacks!), followed by keynotes from:

• Hyung (Co-Founder, B-Harvest)
• Jihoon (APAC Lead, Babylon Labs)
• JayB (Co-Founder, Milkyway)
• Miguel (Country Manager, Korea & Japan, Babylon Genesis-based DeFi builder)

With a relaxed atmosphere, drinks in hand, and a good crowd, the meetup felt more like a friendly onboarding session than a formal pitch — perfect for those looking to dive deeper into the Babylon ecosystem before launch.

It’s been an exciting week in Korea, with various events taking place and a dynamic market keeping us all on our toes! Stay tuned for more updates, and if you'd like to receive this report every week, make sure to subscribe. For the latest news and insights on the Korean market, follow us on Twitter for all the action!