Myrtle Fan Token Surges to Over $100M Market Cap on Debut on Wemix Gaming Platform
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- Myrtle Sarrosa’s fan token, MYRTLE, has exceeded a market cap of $100 million on blockchain gaming platform WEMIX PLAY a day after it was minted by the online personality on January 27, 2023.
- The WEMIX platform, where MYRTLE was minted, was developed by WEMIX Pte. Ltd and provides a range of services including a cryptocurrency wallet, decentralized exchange, NFT marketplace, WEMIX token staking program, and a game gateway.
MYRTLE, the first-ever fan token on the blockchain gaming platform WEMIX PLAY, has exceeded a $100 million market cap a day after online personality Myrtle Sarrosa minted the token on January 27, 2023.
With an initial price of 1 $WEMIX per token and a market cap of 1000 $WEMIX on the day of the mint, MYRTLE’s price rose to 13.6 $WEMIX each and the market cap grew to 109 million $WEMIX on February 1, the platform announced.
As of writing, there are eight million tokens circulating with a price of $3.7052 each and a market cap of $29 million.
Fan Tokens are a kind of token that fans can use to support their idols using blockchain technology. Creators and online personalities can manage their own Fan Token by minting the tokens through a high-water mark method, a method that mints new tokens only when its 24-hour average price exceeds the previous average price, like what happened to MYRTLE.
MYRTLE is the first fan token minted in the South Korea-based Wemix Ecosystem, a platform developed by WEMIX Pte. Ltd and offers services that include a cryptocurrency wallet, decentralized exchange, NFT marketplace, WEMIX token staking program, and the game gateway.
“WEMIX will continue to collaborate with other creators to expand the Fan Token-based digital economy fan community ecosystem,” Wemix emphasized.
Earlier this year, CoinGecko listed Wemix Token (WEMIX) as the top 10 most searched crypto in the country. Launched in October 2022 by WeMade, the company behind the blockchain game MIR4, it was popular in the local crypto-gaming community.
Originally, the developers set up WEMIX as a stablecoin backed by USDC. The first plan to maintain its 1:1 ratio with USDC is that every time the value of $WEMIX exceeds 1 USDC, the protocol (called “DIOS”) will issue more WEMIX to repeg it back to the USDC value.
However, the fate of WEMIX turned sour as the Digital Asset eXchange Association (DAXA), an alliance formed by five local crypto exchanges in South Korea (Upbit, Korbit, Coinone, Bithumb, and Gopax), announced that they will delist WEMIX by December 2022.
This article is published on BitPinas: Myrtle Fan Token Surges to Over $100M Market Cap on Debut on Wemix Gaming Platform
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