South Korea’s crypto scene is buzzing again. Forget traditional narratives; traders chase a token literally named $USELESS. This Solana-based memecoin, boasting no utility or roadmap, rockets upward. Fuelling this surge? Influential Korean crypto personalities and passionate retail investors.
Key opinion leaders (KOLs) command immense attention here. Yeomyung, a prominent Korean KOL and liquidity provider, stands central. He bought $USELESS early, endured a brutal 50% price crash, and held firm. Now, he enjoys massive paper profits. His June 15th tweet, “Billions programmed. Useless,” became a rallying cry. His visible conviction sparked a wave of copy-trading among local retail investors.
KOLs: The New Market Architects
Analyst Bradley Park from DNTV Research tracked Yeomyung’s moves. “He made big profits during the Trump coin run,” Park said. Similarly, with $USELESS, Yeomyung earned early from providing liquidity. Now, he simply holds. Park observed wallets linked to insiders on Solana’s Jupiter exchange also holding $USELESS. This signals a profound shift in Korean trader behaviour.
“I truly think Korean users are no longer just exit liquidity,” Park emphasised. Previously, they often bought high and sold low. Now, they actively shape trends. “They’re starting to understand the market,” Park noted. Furthermore, they are evolving into genuine global crypto players. The rise of platforms like Hyperliquid and Kaia, plus Solana memecoins, proves Korea leads, not follows.
Retail Army
Another figure, “Bonk Guy”, resurfaced cheering $USELESS after its rebound. He famously promoted the BONK token earlier. However, Park questions his sincerity. “Bonk Guy shilled LetsBONK first,” Park recalled. “After the price collapsed, he vanished.” Now, with $USELESS rising, he suddenly shows interest again. Nevertheless, retail enthusiasm remains undimmed.
The token’s appeal is deeply ironic. It has no roadmap, no utility, and pretends to build nothing. Essentially, it taps into crypto disillusionment. Traders collectively shrug at unfulfilled promises. Paradoxically, betting on “nothing” feels more honest than world-changing claims. This memetic honesty resonates powerfully. Therefore, community hype, not fundamentals, drives this rally.
Defying Global Headwinds
Remarkably, this surge ignored traditional market alarms. Geopolitical tensions flared globally, including Middle East conflicts. U.S. tariff concerns also loomed. Typically, such events crush risk appetite. Yet, Korean traders focused solely on the memecoin momentum. Meanwhile, local regulatory optimism boosted spirits. President Lee Jae-myung appointed ex-crypto executive Kim Yong-beom as policy chief.
Contrast this with U.S. developments. There, President Trump endorsed the GENIUS Act. This aims to regulate stablecoins and boost U.S. crypto leadership. Its House fate remains uncertain. Coinbase also launched Coinbase Payments for merchant stablecoin acceptance. However, South Korean traders clearly prioritise high-risk, community-driven altcoin plays. Their market priorities diverge sharply.
Korea Cements Its Blockchain Influence
South Korea’s crypto market is massive. Over 18 million citizens, roughly one-third of the population, participate. Stablecoin trading alone hit 57 trillion won ($42 billion) in Q1 2025 on local exchanges. Platforms like Upbit, Bithumb, and Coinone fuel immense altcoin volumes. $USELESS activity reportedly surpassed Bitcoin and Ethereum volumes locally during peaks.
Memories of the 2022 Terra-Luna collapse linger. Created by Korean Do Kwon, it devastated many. Surprisingly, this hasn’t killed local speculative zeal. Instead, it fuels the hunt for the next explosive win. The $USELESS phenomenon underscores Korea’s role as a global trendsetter. It challenges the idea that Asian markets merely follow the West. Ultimately, this rally proves the enduring power of community and meme culture in crypto’s volatile landscape.
Written By Fazal Ul Vahab C H
