The team behind the Shiba Inu (CRYPTO: SHIB) token announced Sunday that it will co-organize a cryptocurrency and K-pop event in South Korea, featuring hip-hop icons such as Gray and Loco.
What Happened: In an X post, the official X account of the SHIB token teased the “1001 Festival” event, set to take place in Seoul on Sept. 24.
LBank Labs, the venture arm of cryptocurrency exchange LBank, will host the event, while SHIB and other currencies such as Dogwifhat (CRYPTO: WIF) will co-organize it.
The event was billed as a “full-blown cultural phenomenon” that would bring together Korean games and cryptocurrency culture. Remember the deadly “Red Light, Green Light” and “Dalgona Candy Code” games from Netflix’s iconic Korean series Squid Game? Yes, those will be available, but with a cryptocurrency twist.
See Also: Here’s The Share of Gold or Crypto Ray Dalio Says Investors Should Hold
Adding to the hype, two of Korea’s most popular rappers, Gray and Loco, will be gracing the stage. The tickets were sold in three categories: Standard, VIP and VVIP, the latter two requiring approvals.
Why It Matters: Cryptocurrency is hugely popular in South Korea, and traders are known for pushing euphoric rallies on tokens, with the so-called “Kimchi Premium” originating from the region, where prices of Bitcoin (CRYPTO: BTC) on local exchanges can trade at a premium of as much as 30% above international counterparts.
Earlier this year, K Wave Media (NASDAQ:KWM), an entertainment firm focused on producing K-pop music, announced that it would sell $500 million worth of ordinary shares and use the proceeds to build a Bitcoin treasury.
Price Action: At the time of writing, SHIB was exchanging hands at $0.00001280, down 3.69% in the last 24 hours, according to data from Benzinga Pro. The meme coin has slid over 17% in a month.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
