UST, LUNA mess puts S.Korean P2E tokens, stocks bleed red

UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red

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TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS.

See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’

Fast facts

  • Local gaming giant Com2uS’s P2E cryptocurrency C2X saw its price plunge from around US$2 to US$0.85 since UST’s de-pegging incident, according to CoinMarketCap data.
  • C2X said it has decided to switch its mainnet from Terra to an alternative, which has yet to be revealed.
  • NH Investment & Securities has lowered the target stock price of Com2uS Holdings from 175,000 KRW (US$136.90) to 125,000KRW (US$97.79), reasoning that the Terra LUNA debacle cast uncertainties over the P2E business.
  • South Korean gaming developer Netmarble’s MBX coin, which has no affiliation to UST or LUNA, is currently trading at US$8.71 after it climbed up to US$51.15 on May 6. 
  • WeMade’s WEMIX P2E cryptocurrency has also experienced heavy price fluctuations, but its turbulence has been apparent since before the Terra fiasco. 
  • Com2uS shares have dropped 10% in the past seven days; WeMade is down 4.35%, and Netmarble is also down 17.3% as of press time.

See related article: South Korea’s Kakao, Com2uS, others race toward the metaverse

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