[Why&Next] Wemaid Triplets Hit Lower Limit in Tandem... Securities Firms Say "Blockchain Business Unclear"

Wemix Delisting News Sends WEMADE Brothers to Lower Limit
Market Experts Warn "Facing Serious Crisis, Stock Weakness... Caution Advised"
Suggestions to Establish Circulation Volume Standards Also Raised

[Asia Economy Reporter Myunghwan Lee] WEMADE, a domestic game developer, has been cornered. Its self-issued cryptocurrency, ‘WEMIX,’ is on the verge of being delisted from major domestic cryptocurrency exchanges that support KRW trading. Securities firms have diagnosed that WEMADE’s plan to build an ecosystem centered around WEMIX has become uncertain.

Following the news of WEMIX’s delisting, related stocks plunged to their lower limits. On the 25th, the first trading day after the delisting decision, WEMADE’s stock price dropped to the lower limit immediately after the market opened, closing at 39,400 KRW, down 29.89% (16,800 KRW) from the previous trading day. On the same day, its affiliates WEMADE MAX (-29.92%) and WEMADE PLAY (-29.93%) also closed at their lower limits.

The situation did not improve on the 28th. As of 9:22 a.m., WEMADE was trading at 35,950 KRW, down 8.76% (3,450 KRW) from the previous day, hitting a new 52-week low during the session. As WEMIX faces the risk of delisting and the blockchain ecosystem centered on WEMIX becomes uncertain, investors appear to be rushing to ‘escape.’

Securities firms also assessed that WEMADE’s blockchain ecosystem is facing a serious crisis due to the delisting decision on WEMIX. Mirae Asset Securities downgraded WEMADE’s investment opinion from ‘Buy’ to ‘Neutral’ and lowered the target price from 70,000 KRW to 51,000 KRW following the delisting decision. Researcher Heeseok Lim of Mirae Asset Securities stated, “The uncertainty regarding the WEMIX platform is inevitably increasing due to this delisting. The burden on game companies considering onboarding will increase, slowing the platform’s expansion.”

WEMADE’s stock price is also expected to remain weak for the time being. Researcher Lim said, “As the period of heightened volatility is expected to continue, caution is needed in investment. Until WEMIX trading resumes and the global success of new releases is proven, the stock price is likely to remain weak.”

This incident has also prompted suggestions to establish standards for the circulation volume of cryptocurrencies. The delisting controversy arose over the circulation volume of WEMIX. Researcher Sehee Kim of Eugene Investment & Securities explained, “The issue was how much of WEMIX could be considered as circulation volume. Due to recent incidents like the FTX case, distrust among investors and regulators toward virtual asset issuers has increased, leading to a bold decision.” She added, “This could serve as a warning to other game companies and virtual asset projects with similar structures.”