Serenity: Extreme divergence between AI infrastructure valuation and fundamentals, the market may see a good positioning opportunity again.

According to GMGN market data, the Solana-based meme coin Kimchi hit a $40 million market cap within one hour of launch, and is currently trading at $38.71 million with a trading volume of $23.7 million. X platform user Kimchi (@kimchi1x) currently holds 75.32% of the meme coin’s total supply. The trader is known for his low-profile, mysterious persona; his account rarely posts trading records or trade calls, instead sharing photos and videos of high-end daily life including luxury goods, travels, high-end cars, and watches. His X bio has been updated to @pumpfun. Pump.fun co-founder Alon posted that Kimchi is the first person to truly bridge the gap between the crypto industry and pop culture, and the first case of a trader growing into a public celebrity. He represents the industry’s future direction: building a large social trading ecosystem to attract more retail users, growing the ecosystem’s size to 10 times that of the previous cycle. The next wave of users will not come from CT (Crypto Twitter, the crypto Twitter circle), but from the broader general public. Pump.fun is pleased that Kimchi has helped set the creative direction, pushing the ecosystem toward its goal of expanding 100 times in size. BlockBeats reminds users that most meme coins have no real use cases, are highly volatile, and require cautious investment.

According to Yuqing Monitoring, Ethereum treasury firm Bitmine deposited 159,728 ETH (valued at approximately $390 million) into Ethereum staking six hours ago, bringing its total staked ETH to over 5.227 million units, worth around $12.8 billion. Currently, 1.33 million ETH remain in the Ethereum staking entry queue with a wait time exceeding 23 days, while only 149,000 ETH are in the exit queue, with a wait time of less than four days.

According to Bitget market data, shares of South Korean data center infrastructure firm Elice surged as much as 30% intraday today, erasing most of the 32% drop it recorded on its first day of trading.

According to Bitget's market data, the Nikkei 225 index rose by 2.00% intraday.

According to Bitget market data, South Korea's KOSPI index intraday gain expanded to 3%, SK Hynix (SKHY.O) rose 6%, and Samsung Electronics gained 4.6%.

According to Bitget market data, South Korea’s KOSPI index opened 101.87 points higher on Wednesday, October 21, rising 1.83% to 5654.61 points. SK Hynix and Samsung Electronics each gained around 3%.