As Cryptokoin.com reported, the news that crypto exchanges in South Korea would delist the Wemix (WEMIX) token caused great decreases in the altcoin price. However, WEMIX, the token of the blockchain gaming company Wemade, is on the rise again after a program announced by the company.
Wemade reveals buy back and burn plans for WMIX
Metaverse and NFT projects are followed with interest in South Korea. Blockchain gaming company Wemade has filed a court appeal against the delisting of altcoin project Wemix (WEMIX) by 4 major exchanges. The South Korean court rejected the appeal. However, the altcoin price suffered a massive drop, falling more than 80 percent after the court decision, reaching its lows. The Digital Asset Exchange Association (DAXA), formed by South Korea’s largest exchanges (Upbit, Bithumb, Coinone, Corbit and Gopax), explained the reason for the delusion as misleading investors by giving false information.
#WEMIX #Buyback & #Burn to #Deflationary #Tokenomics
Scope: WEMIX Buyback & Burn
Volume: #10,000,000 USD
Coin/Token: WEMIX(mainnet) & WEMIX Classic(klaytn)
Method: Time Weighted Average Price OrderDetails: https://t.co/eskUQlRQvp
— WEMIX (@WemixNetwork) December 8, 2022
After all these negative developments, a statement made by Wemade helped the altcoin price increase by about 3 times, saving it from falling. Blockchain gaming company Wemade has announced that it will acquire $10 million worth of WEMIX tokens, all of which will burn. It has been announced that the buy back and burning programs to be implemented by the company will continue until March 2023.
Altcoin price continues to recover
The altcoin, which was traded from $1.76 before the delist decision of the Digital Asset Exchange Association (DAXA), which is formed by South Korea’s largest stock exchanges, fell to $ 0.52 after DAXA’s decision was heard. WEMIX, which was traded at $ 0.7 after the appeal to the court, took another blow with the rejection of the objection and dropped more than 80 percent to the level of $0.122. Wemix developers, on the other hand, announced their buy back and burn plans to prevent the decline.
This move by the company triggered the price rise. The altcoin price has risen by about 70% in the last 24 hours and is now trading at $0.281848. When we look at the price performance of the token, it is seen that it has experienced a huge loss of value of approximately 97.6 percent in the last year. WMIX, which has experienced a decrease of approximately 82.8 percent in the last month, has lost 44.6 percent in the last 14 days. Despite WEMIX being delisted by South Korean exchanges, executives say the altcoin will continue to be listed on other countries’ exchanges.
