Wemix Coin Struggles Despite Official Launch of Blockchain Wemix 3.0

[Asia Economy Reporter Lee Jung-yoon] Wemade has unveiled WEMIX 3.0, a blockchain based on its own mainnet, but the price of the previously issued WEMIX coin has fallen by more than 6%. With the release of WEMIX 3.0, the existing WEMIX coin has been renamed WEMIX Classic and will be converted to the newly issued WEMIX coin.

According to the global cryptocurrency market tracking site CoinMarketCap as of 8:23 a.m. on the 21st, the price of WEMIX Classic was recorded at $1.88 (approximately 2,682 KRW), down 6.88% from the previous day.

Ahead of the WEMIX 3.0 launch, WEMIX Classic attracted investor interest. After the launch of WEMIX 3.0, a migration process will be carried out to convert WEMIX Classic into the new WEMIX coin. As the new blockchain was unveiled and a 1:1 conversion with the existing WEMIX coin was planned, the price rose. Until the 13th of this month, WEMIX Classic’s price remained in the $1.5 range but climbed until the morning of the 20th when WEMIX 3.0 was released. On the morning of the 18th, it surged to $2.10, and around 8 a.m. the previous day, it recorded $2.02. Wemade’s stock price also rose, surging 16.71% on the 18th and showing an increase of over 11% on the 14th.

However, after the release of WEMIX 3.0, the price of WEMIX Classic declined. It appears that profit-taking selling emerged after the launch, causing the price to drop. Around 12:35 p.m. the previous day, it fell to $1.88. Trading volume also gradually decreased; on the 17th, it recorded $128.89 million (approximately 184.6 billion KRW), the highest this month, but on the 20th, it dropped to $58.25 million. Trading volume plummeted by more than 50% in just three days.

In addition to issuing the WEMIX coin, Wemade plans to change the existing WEMIX Wallet to Play Wallet and release a new WEMIX Wallet. The Play Wallet will be used for WEMIX Classic, and the new wallet will be used for the newly issued WEMIX coin. Also, on the 22nd, Wemade will launch WEMIX Dollar, a stablecoin backed by fiat currency and the stablecoin USDC. WEMIX Dollar is designed to maintain a value fixed at $1. It will play a key role in DeFi (decentralized finance) services such as WEMIX DeFi and blockchain gaming platforms.