WEMIX token plunges as top South Korean exchanges confirm second delisting

By: invezz|2025/05/02 23:00:05
0
Share
copy
While the crypto space sees remarkable rallies as Bitcoin targets the $97,530 resistance, the situation was different among WEMIX holders.South Korea’s top 5 exchanges, under DAXA (Digital Asset Exchange Alliance), announced they would halt trading of the Wemade blockchain gaming native coin from June 2, 2025.Wu Blockchain@WuBlockchain·FollowSouth Korea’s top five exchanges will suspend WEMIX trading starting June 2, causing the token to briefly plunge over 60% to $0.2757 before rebounding to around $0.36. This marks the second collective delisting of WEMIX. The DAXA exchange alliance cited failure to meet listing1:10 PM · May 2, 202525ReplyCopy linkRead 12 repliesNotably, DAXA houses some of the most prominent exchanges in South Korea – Bithumb, Korbit, Coinone, Upbit, and Gopax. These trading platforms dominate the local trading volumes, and their collective decision visibly affected WEMIX’s price action.The alt saw a sharp 60% dip to explore the $0.2757 low following DAXA’s announcement.WEMIX Token faces second delisting setbackMeanwhile, this is not the first time South Korea’s leading exchanges have delisted the altcoin. WEMIX encountered its initial coordinated suspension in late 2022.The DAXA had raised alarms over incorrect data related to WEMIX’s circulating supply (at the time).Nevertheless, the project’s team secured relisting in early 2023 after multiple fightbacks that included public apologies and legal appeals.Despite corrective efforts such as transparency updates and internal reforms, DAXA has pulled the plug again, citing WEMIX’s failure to satisfy listing maintenance standards.While the exchanges didn’t detail the listing ethics, the second delisting reflects massive concerns, potentially related to the asset’s tokenomics, project management, and long-term performance.For investors, the latest news reminds the risks related to exchange dependence when dealing with highly regulated markets.DAXA’s unified measures mean that failure to satisfy one exchange often calls for exclusion from the top five trading platforms.WEMIX’s future remains uncertain. The second delisting might trigger increased scrutiny from other exchanges.Also, the event could catalyze debates over exchanges’ transparency and power. With DeFi revolutionizing the financial world, some users might call for decentralized delisting and listing procedures to prevent joint actions that can crash asset prices within hours.Responding to the latest delist incident the WEMIX team stated: Efforts are underway to mitigate the impact of this development and support a return to operational stability.WEMIX’s price actionThe native token trades at $0.3572 after rebounding from its earlier lows. The bounce-back likely reflects increased activity as traders look to capitalize on the prevailing volatility.The daily trading volume has increased by nearly 1,800%, highlighting amplified trader activity.Chart by CoinmarketcapDespite the relief surge, WEMIX has massively deteriorated, with its reputation damaged in the long term. The alt could lose most of its active users in South Korea.Going forward, the WEMIX team will rely on its global support and international exchange listings.Meanwhile, the asset’s future in South Korea remains clouded unless it regains DAXA’s trust, which might take months or longer.Further, the Wemade gaming ecosystem boasts massive resources. It was among the first recognized game developers to venture into the blockchain space.The crypto community will watch how the gaming firm navigates the latest delisting wave.The post WEMIX token plunges as top South Korean exchanges confirm second delisting appeared first on Invezz

-- Price

--

You may also like

The large models in the United States are moving towards closure in the name of security

The government successfully inserted itself as an approver between commercial AI models and their users for the first time.

Morning Report | CoinEx becomes a key hub for Iran to evade sanctions, involving over $3.8 billion in funds; Kalshi seeks a new round of financing, with a valuation potentially rising to $40 billion

Overview of Important Market Events on June 25

From the white-haired stock god to the billionaire fund mogul, the smart people shorting Nvidia are all getting rich using the same framework

Give up on heavily investing in Nvidia's "nine major bottlenecks"! This article analyzes the underlying logic behind top AI investors making billions: physical infrastructure such as electricity, HBM, and optical interconnects are the true keys to wealth in AI hardware.

Why do cryptocurrency projects always like to change their names?

In many cases, the old names of encryption projects have no competitive advantage, only historical baggage.

Global Launch: As predictions become the most scarce asset in the AI era, Manadia is defining the next generation of the value internet

The trusted AI prediction ecosystem Manadia, which has secured $7 million in funding from well-known institutions like OKX, will globally launch in June. The core token UMXM has already been listed on multiple mainstream platforms, inviting you to seize the new blue ocean of the trillion-level predi...

Who is footing the bill for the $64 billion accounting frenzy?

Affected by Bitcoin falling below $60,000, publicly listed companies heavily invested in this asset are facing huge paper losses and valuation discounts, and their debt structure and accounting standards may trigger structural liquidity risks in the future.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com