#FOMCMeeting

South Korean altcoins explode in price due to rumors of a won-pegged stablecoin

"Kimchi Coin" surges in value thanks to news effect

The cryptocurrency market in South Korea is witnessing a strong price surge of low-cap altcoins, known as "Kimchi Coins," such as MEVerse (MEV), fanC (FANC), BORA, and STMX.

According to a report by Bizwatch, the main reason is the expectations surrounding the plan to issue a won-pegged stablecoin backed by the South Korean government.

While major coins like Bitcoin and XRP are mostly stagnant, local altcoins are making significant breakthroughs on local exchanges like Upbit, Bithumb, and Coinone.