[Featured Stock] Wemade Plummets Over 13% Amid Cryptocurrency Market Crash
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[Asia Economy Reporter Kwon Jae-hee] The stock price of game company Wemade is experiencing a decline of over 13% amid the sharp drop in the cryptocurrency market. Wemade recently announced that it would issue a stablecoin called WEMIX Dollar.
As of 2:57 PM on the same day, Wemade was trading at 69,000 KRW, down 13.53% from the previous trading day.
This comes as the global cryptocurrency market capitalization evaporated by $146 billion (approximately 188 trillion KRW) in a single day. Major cryptocurrencies including Bitcoin and Ethereum all recorded declines of more than 15%. Bitcoin fell below the $24,000 level for the first time since 2020.
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On the same day, according to the cryptocurrency exchange Upbit, WEMIX was traded at 3,600 KRW, down 7.44% from the previous trading day.
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