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

Yoon Suk-yeol minted his signature on the ICON blockchain last year, that could have played a role in ICX’s overnight surge.

By Radhika Parashar | Updated: 10 March 2022 18:48 IST

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

Photo Credit: Pixaby/ Heung Soon

Over two million South Korean nationals are experimenting in the crypto arena

Highlights

ICX token has surged by over 60 percent in 12 hours
ICX token’s market cap is over $668 million (roughly Rs. 5,100 crore)
South Korea’s new President Yoon Suk-yeol is pro-crypto

Icon (ICX) cryptocurrency, born out of South Korean blockchain ICON, has risen over 60 percent in the last twelve hours. The development comes at a time when the overall crypto market has been fluctuating on an everyday basis in the backdrop of the Russia-Ukraine war. Presently, each ICX token is trading at $0.9027 (roughly Rs. 70) on international exchange CoinMarketCap. The overnight profit for the ICX token follows the election of pro-crypto politician, Yoon Suk-yeol as the next President of the country.

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

South Korea's new President, Yoon Suk-yeol , amously minted his signature on the ICON blockchain last year in December. His election as the President seems to have single-handedly influenced the ICX price increase.

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:kr: South-Korean presidential candidate Yoon Seokryul visited the ICONLOOP office today.

As the Korea Startup Forum held its heavily televized start-up policy talk, Yoon Seokryul went on to mint his signature as an NFT on @craftdotnetwork!

:writing_hand:: https://t.co/NpvDYtixVF pic.twitter.com/naBYXjPnkz
— ICON Foundation :globe_with_meridians: (@helloiconworld) December 2, 2021

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

As per South Korean daily Hankyung, the cryptocurrency sector is enjoying its second nationwide boom in South Korea since 2018, with over two million nationals experimenting in the arena.

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Further reading: Cryptocurrency, Icon, ICX, South Korea, Yoon Suk Yeol, NFT, non fungible token

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More