As cryptocurrencies struggle to recover, an altcoin has managed to gain attention.
WEMIX Coin Developments
About two weeks ago, the Digital Asset Exchange Association (DAXA), formed by Upbit, Bithumb, Coinone, Corbit, and Gopax, announced that it will delist WEMIX coin. The reason for this was cited as the claim that the company misled investors by providing false information. Thereupon, the company behind WEMIX took action and filed a lawsuit against the delist decision. At that time, the altcoin was trading at $1.76.
From the current development Wemix (WEMIX) The injunction request filed by the company to prevent the coin from being delisted was rejected by the court. The altcoin, which started to decline after the said decision, then started to rise. The reason for the rise was the statement made by the company.
Aforementioned to explain According to blockchain company Wemade, it has announced that it will receive $10 million of WEMIX and that it will all be taken out of circulation (burned). It has been reported that the buy back and burn programs to be implemented by the company will continue until next March.
Scope: WEMIX Buyback & Burn
Volume: #10,000,000 USD
Coin/Token: WEMIX(mainnet) & WEMIX Classic(klaytn)
Method: Time Weighted Average Price Order
— WEMIX (@WemixNetwork) December 8, 2022
The altcoin dropped as low as $0.17 yesterday, but then managed to climb up to $0.32. This means that it experienced an increase of over 88 percent.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.