MLK coin sees disappointing results
The cryptocurrency MLK from mileage point platform Mil.K continues to underperform. The value of the coin has continued to fall since it was listed on the Upbit and Won Market in February. The MLK coin, which at the time was traded at 2,000 won, is currently around 240 won. Mil.K has argued that the coin is more than a simple investment as it is focused on practical use in everyday life. Mil.K’s coin continues drop since Upbit listing As of June 26, the Mil.K coin is traded at 242 won on Upbit. Mil.K’s coin started trading on the Upbit BTC market on Feb. 20 and on the Won Market on Feb. 21. There were high expectations for the coin before it was listed. The popularity of MLK was evident as the coin sold out on Upbit’s Indonesia market in just 1 second on Feb. 19. On the first day the coin started trading on Won Market, the price quickly surged to 2,620 won. Just two days later, its value dropped below 1,000 won. The price received a boost in early March on news that Mil.K had signed a strategic alliance with Shinsegae Duty Free, but it didn’t last long. The current value is 100 won less than its listed price of 343 won. Volatile price and supply Mil.K is a platform that manages different membership points that are spread across different companies under a single app. The app is designed to help users to manages their points through various purchases of goods and services. Mil.K currently has various business partnerships with service companies ranging from travel, leisure and lifestyle. It’s partners include the travel platform Yanolja as well as Shinsegae Department Store, the car sharing app Deal Car and Seoul Limousine. It is also expanding its partnerships with credit card issuers, movie theaters and bookstores as well as global companies. While the potential of blockchain technology is limitless, its practical uses in everyday life are still uncommon. Mil.K has emphasized that its blockchain service is targeted for wide and practical use. Mil.K in the second half is planning to launch a service where its users can get 40 to 50 percent discounts using its coins. For example, users can purchase Yanolja points at half price when purchasing through MLK coins. The discount rate is not set, as it varies according to the supply and demand of points. If there’s a huge demand for Yanolja points, the coins discount shrinks. The discount rate is calculated through the platform algorithm and constantly updated. Additionally, the traded value of the coin on the cryptocurrency exchange will also reflect the discount rate. Use it, don't save it The current investors are not too happy about the falling price of Mil.K coins. Many of them have suffered losses as they were purchased at a higher value due to high expectations in the market. However, there are those that say that Mil.K coins shouldn’t be simply seen as a for-profit investment scheme. Mil.K emphasizes that it's service is centered on practical use. While it could be used as an investment scheme, it is more focused on spending. The goal is for users to actually spend the accumulated points. Its point transactions is designed in a way that it is less influenced by the coin price. “While the users can swap accumulated points to Mil.K coins when the coin price rises, the point transactions are determined by how often the points are used and the discount rate,” said a Mil.K official.