Wemade to Burn 20 Million WEMIX Tokens on the 25th... "Part of Value Enhancement"
[Asia Economy Reporter Kang Nahum] Wemade will burn 20 million units of its cryptocurrency 'Wemix' on the 25th to defend its price.
On the 23rd, the Wemix team announced on its official website, "The first Wemix token burn will take place on the 25th," adding, "A total of 20 million Wemix will be burned, and the transaction ID will be disclosed immediately upon completion." Based on the trading price of Wemix that day (6,575 KRW), this amounts to approximately 130 billion KRW.
Wemade had previously announced the Wemix burn plan during its Q4 earnings report on the 9th. The plan is to burn 1% of the total issued supply each time the price rises by $10 until it reaches $200. When the target price is reached, a cumulative 20% will have been burned.
This burn is intended as a reward for the growth and development of the Wemix ecosystem. The Wemix team stated, "We are striving to contribute to the ever-evolving Wemix community, and by removing a portion of the Wemix tokens from the reserve supply, we aim to contribute to the growth and development of the Wemix ecosystem and community."
However, the Wemix tokens to be burned this time are not circulating supply but those held by Wemade. Since they are not purchased from the market for burning, it is expected that there will be no significant price fluctuations. Wemade is known to own 80% of the total issued supply (1 billion units).
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This burn decision is also drawing attention as it may put an end to the previous controversy over Wemade's large-scale on-market sales. Since last year, Wemade has been criticized for selling Wemix holdings without separate disclosure to raise 137.6 billion KRW for the acquisition of SundayToz. Subsequently, Wemade CEO Jang Hyun-guk announced plans to enhance transparency to prevent recurrence, including Wemix burns and mandatory disclosures.
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