解读韩国加密货币市场：FOMO、Meme 币和“泡菜溢价”

近期，随着XRP等“古董币”的激增，“韩国大妈冲进加密市场”的消息再次在社区流传。

With the recent surge of "antique coins" like XRP, news of "Korean aunties rushing into the crypto market" has resurfaced in the community. Meanwhile, the trading volume of related tokens like XRP and APT on Korean exchanges such as Upbit and Bithumb has even surpassed that of Binance at times. This indicates that the trading volume from just the Korean market for these tokens is on par with the total trading volume from the rest of the world combined.

近期随着XRP等“古董币”的热潮，“韩国大妈涌入加密市场”的消息在社区重新浮现。与此同时，XRP、APT等相关代币在Upbit、Bithumb等韩国交易所的交易量甚至一度超过了币安。这表明仅韩国市场的这些代币交易量就与世界其他地区的总交易量相当。

For a long time, the crypto community has viewed listing on Upbit as a significant boon for projects. After a token is listed on these Korean exchanges, its price often skyrockets in a short period. This strong buying power has piqued global curiosity about the "kimchi premium." How exactly does the Korean cryptocurrency market operate? What kind of speculation logic do investors here have?

长期以来，加密社区一直将在 Upbit 上上市视为项目的重大福音。代币在韩国这些交易所上市后，其价格往往会在短时间内飙升。这种强大的购买力激起了全球对“泡菜溢价”的好奇。韩国加密货币市场到底是如何运作的？这里的投资者有什么样的炒作逻辑？

Rhythm interviewed Andy, a member of Frax Finance who has been engaged in crypto development and education in Korea for many years, to delve into the investment logic and real situation of the Korean crypto market.

Rhythm 采访了在韩国从事加密货币开发和教育多年的 Frax Finance 成员 Andy，深入探讨韩国加密货币市场的投资逻辑和真实情况。

Koreans' "Another Stock Market"

韩国人的“另一个股市”

BlockBeats: You have a very strong presence in the Korean market, such as large-scale buying. How do people enter the cryptocurrency market, and how do they choose their coins?

BlockBeats：你们在韩国市场的影响力非常强，比如大规模购买。人们如何进入加密货币市场，如何选择自己的货币？

Andy: Frankly speaking, this is still a puzzle that everyone is trying to solve. One thing I am sure of is that DeFi is quite weak here because the deposit and withdrawal processes on trading platforms are very convenient. I am a Canadian citizen and have lived in Korea for 10 years. In the early days, I could trade on Upbit and Bithumb, and I remember it took me only five minutes to open a bank account and connect it to Upbit or Bithumb, easily trading and withdrawing in Korean won.

Andy：坦白说，这仍然是大家都在努力解决的一个难题。我确信的一件事是，DeFi在这里相当薄弱，因为交易平台上的存款和取款过程非常方便。我是加拿大公民，在韩国生活了 10 年。早期，我可以在Upbit和Bithumb上进行交易，我记得我只花了五分钟就开设了银行账户并连接到Upbit或Bithumb，轻松地以韩元进行交易和提现。

So in Korea, it is very easy for people to enter the crypto market and invest; it is not difficult, although everyone must open an account at a specific bank. Secondly, I think the act of trading cryptocurrencies carries a sense of "hope" among Korean investors, especially among the younger demographic aged 20 to 30.

所以在韩国，人们很容易进入加密货币市场并进行投资；这并不难，尽管每个人都必须在特定的银行开设账户。其次，我认为交易加密货币的行为对韩国投资者，尤其是20至30岁的年轻人来说，充满了“希望”感。

Moreover, the media in Korea is discussing this topic. You can see that people from their 20s to 60s or even 70s are participating in the crypto market. I don't know if you've heard, but the front of Bithumb's office was once crowded with elderly people aged 50 to 70 trying to open accounts, especially when the new bull market started.

此外，韩国媒体也在讨论这个话题。你可以看到20多岁到60多岁甚至70多岁的人都在参与加密货币市场。不知道你有没有听说过，Bithumb的办公室门前曾经挤满了50岁到70岁的老人试图开户，尤其是在新牛市开始的时候。

BlockBeats: Was this happening in the last bull market or this one?

BlockBeats：这种情况是发生在上一次牛市还是这一次？

Andy: This is happening in this bull market, just in the last week or two; it has been reported in the news.

Andy：这个牛市就发生了这种情况，就在最后一两周；新闻对此进行了报道。

Retired people aged 50 to 70 were queuing to open accounts, and the line even reached over 3,000 people; it was really crazy. Mainstream media and social networks are also discussing the secondary market for cryptocurrencies. Although mainstream media often tends to portray its dangers, more and more people are starting to pay attention as Bitcoin hits historical highs.

50岁至70岁的退休人士排队办理开户，排队人数甚至达到3000多人；这真的很疯狂。主流媒体和社交网络也在讨论加密货币的二级市场。尽管主流媒体往往倾向于描绘其危险，但随着比特币触及历史高点，越来越多的人开始关注。

According to media reports, a nearly 60-year-old housewife said while queuing to open an account: "It feels wasteful to keep retirement funds in a bank account, so I tried investing in Bitcoin and Dogecoin"; image source from the internet.

据媒体报道，一位年近60岁的家庭主妇在排队开户时表示：“把退休金存在银行账户感觉很浪费，所以我尝试投资比特币和狗狗币”；图片来源自网络。

Back to the younger crowd, I think many people in their early 20s see this as a chance similar to buying a lottery ticket. I don't want to say it's gambling, but they do see cryptocurrencies as a way to make quick money because the media reports they encounter often highlight how some people made a lot of money through cryptocurrencies, which is more appealing than news about losses. Many people in their 30s tend to be a bit more strategic, trying to understand the projects behind the tokens. However, even so, many of my friends still buy tokens first and then ask in the community what the project is, so most people don't really understand the true situation of the projects.

回到年轻人群，我想很多20岁出头的人都认为这是一个类似于买彩票的机会。我不想说这是赌博，但他们确实将加密货币视为一种快速赚钱的方式，因为他们遇到的媒体报道经常强调一些人如何通过加密货币赚了很多钱，这比亏损的新闻更有吸引力。许多30多岁的人往往更具战略性，试图了解代币背后的项目。然而即便如此，很多朋友还是先买代币，然后在社区里问这个项目是什么，所以大多数人并不能真正了解项目的真实情况。

This mindset may stem from a strong FOMO, which is also quite common in Korean culture; the trend-following culture in Korea is very extreme. Whether in entertainment or investment, many people feel that if they don't participate, they will fall behind the trend, even feeling disconnected from the entire culture. So if you don't know what you're investing in, it might be due to the fear of missing out on opportunities or friends suggesting you get involved.

这种心态可能源于强烈的 FOMO，这在韩国文化中也很常见；韩国的潮流文化非常极端。无论是娱乐还是投资，很多人都觉得如果不参与，就会落后于潮流，甚至感觉与整个文化脱节。因此，如果您不知道自己要投资什么，可能是因为害怕错过机会或担心朋友建议您参与其中。

Having lived in Canada, where everything is relatively laid-back, I never felt the pressure to chase trends. But after coming to Korea, I felt the prevalence of a fast-paced lifestyle, such as needing to graduate, serve in the military, get married, find a job, and invest by a certain age. So when the people around you are trading cryptocurrencies on Upbit or B

在加拿大生活，一切都比较悠闲，我从来没有感受到追逐潮流的压力。但来韩国后，我感受到快节奏的生活方式盛行，到了一定年龄就需要毕业、服兵役、结婚、找工作、投资等。所以当你周围的人在Upbit或B上交易加密货币时