In a compelling comeback, Wemix, the cryptocurrency developed by gaming firm Wemade, has re-emerged a yr after being delisted from home crypto exchanges. The ban on its relisting was lifted on December 8, and the cryptocurrency is experiencing a meteoric rise in worth amid expectations that main exchanges will quickly resume buying and selling the coin.
As of 9 a.m. on Monday, information from the crypto value tracker CoinMarketCap reveals that Wemix cash are presently being traded at 4,893.4 gained ($3.71). This marks an astounding 500 % improve in comparison with August 18, when the value hit its lowest level in the course of the second half of the yr at 738.75 gained.
The substantial surge in worth is attributed to the optimistic anticipation surrounding Wemix’s re-entry into the home market. Beforehand, the coin confronted a decline in worth attributable to a sequence of scandals.
Wemix was delisted from exchanges beneath the Digital Asset eXchange Alliance (DAXA) on December 8 of the earlier yr. The alliance, consisting of 5 main coin exchanges in Korea, took this motion amid allegations of falsifying circulation quantity disclosures. In Could of the present yr, Wemix was embroiled in an issue associated to allegations of large-scale holdings and buying and selling by Rep. Kim Nam-kuk from the principle opposition Democratic Get together of Korea.
Following the one-year delisting restriction, three of the 5 main home crypto exchanges—Coinone, Korbit, and GOPAX—have resumed buying and selling providers for Wemix. Korbit, adhering to DAXA’s voluntary laws, expressed confidence that Wemix has addressed the problems that led to the cessation of buying and selling assist a yr in the past.
As a quintessential “kimchi coin,” developed, issued, or traded completely inside Korea, Wemix’s return is poised to inject vitality into the home crypto market. Throughout its relisting grace interval, Wemix retained its standing as a extremely sought-after cryptocurrency, fueled by important public curiosity.
All eyes at the moment are on the potential relisting of the coin on Upbit and Bithumb, two main exchanges that command practically 95 % of the market share. Analysts broadly speculate that Bithumb is very prone to relist Wemix, citing its longstanding relationship with Wemade. Till the top of the earlier yr, Wemade had substantial investments, making it the second-largest shareholder in Vidente, the principle shareholder of Bithumb. Moreover, Chang Hyun-guk, the CEO of Wemade, had beforehand served as an inside director at Bithumb.
