SORAN is a quick digest of what Korean Telegram communities are talking about right now.
TOP STORY
Bitcoin Sharp Decline, Large-Scale Liquidations Amid Deepening Reverse Kimchi Premium
Market sentiment leans heavily toward fear. Bitcoin dropped below $82,000 on October 13 with reports of $145 million in forced liquidations in an hour, 97.5% of which were long positions. Coinbase premium has been negative for 19 consecutive days, and the reverse kimchi premium continues to widen, indicating particularly strong domestic selling pressure. A rebound occurred following the October 10 decline, but the reverse premium hasn't tightened.
Traders are divided between those catching the dip in this volatile stretch and those predicting further downside. As the reverse premium deepens, discussion of arbitrage opportunities between exchanges is picking up.
NONCE Mining Profitability Plummets in 24 Hours
Solana-based nonce.cool mining initially circulated rumors of hourly earnings in the hundreds, but profitability rapidly collapsed as miners flooded the pool. Many report mining returns dropping below 1/10 within 24 hours, with only early entrants seeing meaningful gains.
Semiconductor Peak Debate Drives Samsung and SK Hynix Decline
Market sentiment leans toward peak-out. SK Hynix dropped over 9%, Samsung Electronics fell 7.7%, pushing KOSPI below 6,000. Concerns about the technology gap narrowing intensified after China's CXMT announced 4F2 technology, fueling talk of the memory boom cycle turning. Forecasts suggest 2027 growth will slow to the 30% range.
Blur Service Shutdown Triggers NFT Liquidation Concerns
NFT marketplace Blur announced it will cease website operations November 12, and its lending platform Blend will halt new lending. The $BLUR token dropped over 30%, and as 1,000+ ETH loans were recalled, forced selling occurred. BAYC, Pudgy Penguins, and Azuki floor prices fell over 23% in a week, with Yuga Labs recommending recovery of smart contract permissions.
Hyperliquid and Perp DEX Revenue Momentum
Hyperliquid's sequencer fees average around $1 million per week, translating to over $50 million annualized. Phantom wallet captured approximately $27 million from Builder Codes, and Unit's HYPE buyback has resumed. Papertrade token early farming participants have begun taking profits.
Meme Coin Cycle Weakening Signals
Leading meme coins like PONS and MARSCOIN have fallen over 70% from peaks. Notable trader bonkguy's profits shrank from $27 million to $5 million, and top FOMO gainers dropped below $2 million. Consensus in trading rooms suggests the cycle has lost momentum.
Jumper Token Lists on Aspecta Premarket
XP ecosystem's Jumper traded on Aspecta premarket at $150 million FDV, double the $75 million public sale valuation. TGE timing hasn't been announced, but airdrops are expected for XP users at level 10 and above, with in-year TGE expectations built in.
Dunamu's Layer 2 GIWA Ecosystem Early Project Surge
Dunamu's Ethereum Layer 2 GIWA is running 16 early-stage projects split into 6 launchpad and 6 NFT categories. New launches like Jadebound and Surf NFT are driving participation through giveaways and NFT minting events.