{"id":32581,"date":"2025-06-19T02:46:45","date_gmt":"2025-06-19T02:46:45","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=32581"},"modified":"2025-06-19T02:46:45","modified_gmt":"2025-06-19T02:46:45","slug":"korean-crypto-kols-fuel-massive-useless-rally-as-traders-shrug-off-traditional-narratives-asia-morning-briefing","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=32581","title":{"rendered":"Korean Crypto KOLs Fuel Massive $USELESS Rally as Traders Shrug Off Traditional Narratives: Asia Morning Briefing"},"content":{"rendered":"
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Good Morning, Asia. Here’s what’s making news in the markets:<\/strong><\/h2>\n

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.<\/a><\/em><\/p>\n<\/p>\n

South Korea has long been known for its outsized influence on altcoin markets, from the XRP mania that drove a 400% rally last year<\/a> to the present-day obsession with a token that proudly calls itself USELESS.<\/p>\n

The $USELESS phenomenon<\/a> has ties to South Korean KOLs, Bradley Park, a Seoul-based analyst with DNTV Research, told CoinDesk in an interview.<\/p>\n

At the center of everything is Yeomyung, a Korean KOL and liquidity provider who aped into USELESS early, held through a 50% drawdown, and is now sitting on serious paper gains.<\/p>\n

\u201cHe made big profits during the Trump coin run, and with USELESS, he also earned from [providing liquidity] early on and is now just holding,\u201d Park told CoinDesk. \u201cThey\u2019re all just waiting for a CEX listing, because without it, there\u2019s no real way to exit.\u201d<\/p>\n

Park tracked Yeomyung\u2019s wallet activity and noted that his early conviction has inspired copy-trading among Korean retail investors. Even wallets tied to insiders on Solana\u2019s Jupiter JUP are holding. The rise of USELESS reflects a broader evolution in Korean market behavior.<\/p>\n

\u201cI truly think Korean users in this market are no longer just exit liquidity,” he said. “They\u2019re starting to understand the market and are evolving into real global players.\u201d<\/p>\n

Another character in this story is Bonk Guy<\/em>, an early promoter of BONK<\/a>, who reappeared to tweet enthusiastically about USELESS after the price rebounded, though some Korean traders, including Park, have questioned his sincerity.<\/p>\n

\u201cBonk Guy was the first to shill LetsBONK,\u201d Park said. \u201cBut after the price collapsed, he went silent. Now that USELESS is bouncing back, he\u2019s suddenly showing interest again.\u201d<\/p>\n

Park pointed to the rise of Hyperliquid, Kaia, and now Solana-based memecoins like USELESS as evidence that Korea is no longer a secondary market.<\/p>\n

While XRP\u2019s rally was underpinned by legal clarity in the U.S. and narratives about Trump-era deregulation, USELESS feels less like chaos for chaos\u2019s sake and more like a reflection of where attention, and exhaustion, is flowing in today\u2019s market, Park said.<\/p>\n

With no roadmap, no utility, and no pretense of building something bigger, it taps into a kind of memetic disillusionment: a collective shrug at traditional crypto promises, and an ironic bet on nothingness that, paradoxically, appears to be more honest than many tokens claiming to change the world.<\/p>\n

Trump Endorses GENIUS Act<\/strong><\/h2>\n

President Donald Trump on Tuesday endorsed the GENIUS Act in a Truth Social post<\/a> following its bipartisan passage in the Senate, calling it a major step toward U.S. leadership in the digital asset sector.<\/a><\/p>\n<\/p>\n

\"(Truth<\/p>\n

Trump urged the House of Representatives to pass the bill \u201clightning fast\u201d and without amendments, stating it should be sent to his desk with \u201cno delays, no add-ons.\u201d<\/p>\n

The message signals strong executive support for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which introduces reserve and compliance requirements for dollar-backed stablecoin issuers and marks the first major piece of crypto legislation to clear the Senate.<\/p>\n

Trump framed the legislation as key to enabling \u201cmassive investment\u201d and \u201cbig innovation,\u201d positioning the U.S. as a global leader in digital assets.<\/p>\n

While the bill passed the Senate with significant bipartisan backing, its fate in the House remains uncertain.<\/p>\n

Democratic lawmakers are weighing potential amendments, including stricter oversight for foreign-issued tokens and limitations on potential issuers.<\/p>\n

However, the bill isn’t without its critics. In a recent CoinDesk editorial<\/a>, Georgetown University finance professor James J. Angel argues that the GENIUS Act is a flawed piece of legislation because of fragmented oversight by 55 regulators, redundant processes, exclusion of interest-bearing stablecoins, and inefficient joint rulemakings.<\/p>\n

News Roundup: Coinbase Unveils Coinbase Payments for Merchants<\/strong><\/h2>\n

Coinbase (COIN) unveiled Coinbase Payments on Wednesday, CoinDesk previously reported<\/a>, a new merchant-focused payments stack built on its Ethereum layer-2 network Base.<\/p>\n

The product allows global ecommerce platforms like Shopify to accept USDC 24\/7 without needing blockchain expertise, using tools like a gasless stablecoin checkout, an ecommerce API engine, and an onchain payments protocol.<\/p>\n

Coinbase said the system is designed to replicate traditional payment rails while lowering costs and offering always-on settlement. The launch positions Coinbase alongside fintech firms like Stripe and PayPal in the race to modernize payments with blockchain infrastructure.<\/p>\n

It also deepens its partnership with USDC issuer Circle (CRCL), whose shares jumped 25% on the news, while Coinbase rallied 16%. Coinbase says stablecoins processed $30 trillion in transactions last year, tripling from the year prior, and it’s betting that programmable, dollar-pegged payments will continue to disrupt the global financial stack.<\/p>\n

Market Movements:<\/strong><\/h2>\n