WEMIX token plunges as top South Korean exchanges confirm second delisting
By: invezz|2025/05/02 15:00:05
0
Share
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
You may also like
XRP Ledger hits 1M AI payments as Ripple-backed t54.ai launches hub
Aptos Network Vulnerability Exposed $70 Billion to $3,000 Attack
What is a flash loan? Borrowing millions with zero collateral, explained
AI is Changing Employment Expectations in the U.S., Fed May Remain Cautious
Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC
What are RWA perpetuals? Trading stocks and commodities as crypto perps
OpenAI lands GPT-5.6 approval as traders rush pre-IPO futures
What is liquidation in crypto? Margin calls, health factors, and how positions die
Venezuela entrusts taxes to 'cryptocurrency expert' - is USDT under scrutiny?
US Power Grid Issues Red Alert Amid Heatwave, Is Bitcoin Mining the Scapegoat?
Central Banks, Parliaments, and Atlantic Players at the Euro Stablecoin Table
What are tokenized stocks? How equities are moving on-chain, explained
Zcash Co-founder Wants More Than 21 Million Bitcoins
Bankers Filed Suspicious Activity Report Over Farage's £5M Gift From Tether Billionaire
Analysis: Bitcoin May Enter a Phase of Bottoming Out, Selling Does Not Trigger Panic
BNB Chain builds new Layer 1 for agentic trading, targets 2027 mainnet
Witnesses of South Korea's 'Golden Era': Foreign Capital Profits, Retail Investors Take Over
The Quality of Currency Depends on the Credibility of Its Issuer
XRP Ledger hits 1M AI payments as Ripple-backed t54.ai launches hub
Aptos Network Vulnerability Exposed $70 Billion to $3,000 Attack
What is a flash loan? Borrowing millions with zero collateral, explained
AI is Changing Employment Expectations in the U.S., Fed May Remain Cautious
Crypto Long & Short: With MSTR concerns assuaged, look to traditional signals around BTC
What are RWA perpetuals? Trading stocks and commodities as crypto perps
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com

