South Korea’s Icon Cryptocurrency Surges by Over 60 Percent After Yoon Suk-yeol Wins Presidency

The Icon cryptocurrency (ICX), born from the South Korean blockchain ICON, has risen by more than 60% in the last twelve hours. The development comes at a time when the global crypto market fluctuates daily amid the Russian-Ukrainian war. Currently, each ICX token is trading at $0.9027 (about 70 rupees) on the international exchange CoinMarketCap. The overnight profit for the ICX token follows the election of pro-crypto politician Yoon Suk-yeol as the country’s next president.

Launched in September 2017 as an initial coin offering (ICO), the ICX token quickly raised $43 million (about 330 crore). Its current circulating supply has reached over 734 million ICX coins with a market cap of over $668 million (roughly Rs. 5,100 crore), according to CoinMarketCap.

South Korea’s new president, Yoon Suk-yeol, humorously struck his signature on the ICON blockchain last year in December. His election as President seems to have single-handedly influenced the rise in ICX prices.

Elements of the crypto sector have played a central role in the election debate in South Korea, with both candidates releasing campaign-related non-fungible tokens (NFTs) to lure voters.

According to the South Korean daily Hankyungthe cryptocurrency industry is experiencing its second domestic boom in South Korea since 2018, with over two million nationals experimenting in the arena.

Cryptocurrency is an unregulated digital currency, which is not legal tender and is subject to market risk. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss resulting from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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