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Ignas: Korean projects repeatedly create bullish market miracles, optimistic about Story sparking another trend

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Ignas: Korean projects repeatedly create bullish market miracles, optimistic about Story sparking another trend

DeFi researcher Ignas tweeted that in every bull market, there is a Korean token that surges significantly due to a strong narrative. He reviewed representative Korean projects from past bull markets and named potential winners in the current bull market.

Korean Project Performance Over the Years

Ignas mentioned that during the bull market in 2018, Icon ICX was dubbed as the "Korean Ethereum," while in 2021, Terra LUNA gained immense popularity for its "decentralized stablecoin and high yield" features. Both projects achieved great success in the market due to their strong narratives.

The Significance of the Korean Market and Past Cases

Ignas pointed out that South Korea is the world's third-largest cryptocurrency market, attracting many foreign projects aiming to list on Korean exchanges to attract retail investors for "dumping."

He further listed projects that gained traction due to South Korean retail investors. Klaytn KLAY is a project supported by South Korean Facebook Kakao, which saw a 4,140% increase in 2021 despite not succeeding in the international market.

Another case is Aptos APT, which created a panic buying atmosphere in the South Korean market with a simple slogan "1 APT = 1 apartment."

Aptos Community Slogan

Emerging Korean Project: Story

Ignas finally mentioned his optimism for the Korean project "Story" that stood out in this bull market cycle.

Story is a foundational blockchain designed for Intellectual Property (IP) management, aiming to revolutionize the handling of IP by providing a seamless, transparent, and decentralized solution. It not only secured a $54 million Series A funding led by a16z but also attracted over 50 clients interested in integrating IP tools into their businesses, including several well-known NFT projects, as revealed by its founder Jason Zhao.

Furthermore, Story's core narrative revolves around the integration of AI and IP, aligning well with the current AI trend.

Ignas believes that South Koreans' enthusiasm for AI narratives and global crypto investors' interest in AI tokens could make Story the next noteworthy Korean project.

a16z Backing! Startup Story to Launch IP Blockchain for Intellectual Property Management

Expectations and Cautions for Korean Projects

While optimistic about Story's potential, Ignas also emphasized that past grand promises of Korean projects often led to disastrous outcomes. He specifically mentioned the collapse of Terra in Korea causing multiple suicide incidents and hopes that the Story team will not repeat the same mistakes.

Ignas clarified that he is not promoting Story but sharing his observations based on past bull markets. He remains skeptical about Story's future performance but considers it a project worth monitoring.