Crypto Recurring-Buy Service ‘Moeugi’ Nears 1 Trillion Won in Investment, Up 79% This Year
Summary
- Cumulative investment in Moeugi, a recurring cryptocurrency buying service, reached 972.92 billion won as of the end of August, up 78.9% from the end of last year.
- Upbit accounted for the largest share of cumulative Moeugi investment at 897.71 billion won (92.3%), while Coinone posted a 1,859% surge.
- Staking investment at Upbit and DigitalX declined, while cumulative staking investment at Bithumb and Coinone rose 24.0% and 10.9%, respectively.
Forecast Trend Report by Period
Use of “Moeugi,” a recurring-buy service that lets users invest fixed amounts in cryptocurrencies at regular intervals, increased despite weakness in the digital-asset market, bringing cumulative investment close to 1 trillion won.
Gangwon Domin Ilbo reported on October 12 that data submitted by South Korea’s five largest crypto exchanges and analyzed by Rep. Park Sang-hyuk of the National Assembly’s Political Affairs Committee showed cumulative investment in Moeugi services totaled 972.92 billion won as of the end of August.
That was up 429.07 billion won, or 78.9%, from 543.85 billion won at the end of last year.
Moeugi automatically buys cryptocurrencies based on preset conditions such as the chosen asset, purchase amount and investment frequency. Upbit, Coinone and DigitalX currently offer the service.
By exchange, Upbit accounted for the largest share, with cumulative investment of 897.71 billion won, or 92.3% of the total. That was up 402.65 billion won, or 81.3%, from 495.06 billion won at the end of last year.
DigitalX recorded 63.26 billion won over the same period, up 15.08 billion won, or 31.3%. Coinone jumped to 11.95 billion won from 610 million won, a surge of 1,859%.
User numbers also increased. The three exchanges had a combined 337,119 cumulative Moeugi users as of the end of August, up 91,808, or 37.4%, from the end of last year.
Upbit users rose 32.2% to 296,675, while DigitalX users increased 11.4% to 10,982. Coinone posted the fastest growth, with users climbing 166.2% to 29,462 from 11,067.
The data indicate demand persisted among small investors seeking to spread out buying points and lower their average purchase price even as the market weakened.
Meanwhile, staking services, which allow users to commit crypto assets to blockchain network operations in return for rewards, showed mixed trends across exchanges.
Upbit’s cumulative staking users rose 20.4% from the end of last year to 365,121 as of the end of August, but cumulative staking investment fell 4.3% to 11.2294 trillion won.
At Bithumb, users increased 2.1% to 374,326 and cumulative staking investment rose 24.0% to 1.3292 trillion won. At Coinone, users rose 11.4% to 341,992 and investment increased 10.9% to 316 billion won.
DigitalX had 37,659 users, up 11.3%, but cumulative staking investment fell 14.1% to 169.9 billion won.
