The stock price of domestic blockchain game company Nexus is weak on the 7th. This is interpreted as a result of the cryptocurrency Cross (CROSS), issued by Nexus's affiliate Open Game Foundation (OGF), sharply dropping below the selling price immediately after its listing.
According to the Korea Exchange, as of 10:08 a.m. on this day, Nexus is trading at 3,070 won, down 645 won (17.36%) from the previous trading day.
Nexus has been regarded as a representative beneficiary of the stablecoin theme, with its stock price rising significantly. However, recent expectations have somewhat cooled, leading to a decline in its stock price.
In particular, the Cross coin, which started trading on a global exchange on the 4th, significantly dropped in price immediately after its listing, trading around 0.06 Tether (USDT) as of the morning of the 7th. It was reported to have fallen to a level below $0.045 at one point the previous day. Cross was sold to the public at a fixed price of $0.1 each through a public sale before its exchange listing.
The Cross coin is the base currency used in the blockchain game platform of the same name operated by Nexus and the Open Game Foundation. Jang Hyun-kuk, who previously presented the cryptocurrency Wemix (WEMIX) at Wemade, moved to Nexus earlier this year to lead the issuance.
CEO Jang Hyun-kuk posted on X (formerly Twitter), "We've only just begun," stating, "The market fluctuates, but real projects move in one direction. Good things take time."