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(Photo= YouTube capture) |
[Alpha Biz= Reporter Kim Sangjin] The price of Wemix, a virtual asset issued by game developer Wemade, has fallen to its lowest level this year.
As of the 29th, Wemix was trading at 1,408 won on Bithumb, a domestic cryptocurrency exchange, up 0.2% from the previous day. This marks a roughly 30% decline from the low 2,000 won range where it was trading at the end of last month.
Wemix initially saw a boost when the Wemix Foundation announced on the 25th of last month that it would introduce a halving event—reducing the market supply by half. The foundation had previously issued 86,400 Wemix per day, totaling 31.536 million annually, but will now reduce the annual issuance to 15 million starting this month. This halving event is scheduled to occur every two years.
Historically, halving events have been associated primarily with Bitcoin, which undergoes a halving every four years. After the last three Bitcoin halvings, prices surged. This led to expectations that Wemix might also see a rise in value due to reduced supply, which saw the price spike from 1,400 won on the 24th of last month to over 2,100 won within just three days.
Wemix had faced issues in late 2022 for falsely reporting its circulation figures, resulting in delisting from major exchanges like Upbit. Since then, former CEO Jang Hyun-guk committed to buying Wemix with his entire salary to boost its value, and the token successfully relisted on major exchanges like Bithumb by the end of last year.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
