ICON Price Erupts 72% on Huobi While Crypto Exchange Launches on ICX

ICON (ICX) made significant moves amid a falling market on Sunday as its price exploded on both the Huobi Global, and Huobi Korea exchanges. ICX surged 72% on the Huobi platforms, while prices on Binance lagged behind.

Once hailed as the ‘Korean Ethereum’, sentiment on ICX may have been boosted by the recent launch of a digital asset exchange on the ICON blockchain. The VELIC exchange – described as an all-in-one crypto finance platform – apparently launched on ICON after the team reviewed Ethereum, EOS and other major blockchains beforehand, and elected to build on ICX.


After a long and arduous 2018 in which ICX lost 98.57% of its value, the coin showed some signs of revival on Sunday. From the daily low of $0.296520, the value of ICX surged to $0.511637 – a 72% increase.


However, a glance at ICX’s markets reveals discrepancies between the prices on various exchanges. The surge appears to have begun on either Huobi or CoinTiger, where you can see the outlier prices still in the high $0.70 range.

ICX Markets

Prices on other exchanges did attempt to follow the outlier price, as seen by the massive influx of trades to Binance. The Malta-based exchange hosted the highest concentration of trades on the day, although the ICX price only grew by around 3% there.

ICON struck an all-time low of $0.18 in December 2018, and its recovery until now had failed to keep pace with the rest of the market. Despite that, the team revised its roadmap and continued to build, prompting renewed optimism among bargain hunters at the turn of the year.

Read more: Investing Idea: ICON (ICX)

VELIC Exchange Builds on ICX

VELIC is an acronym for “Vault, Exchange, Loan, Investment, and Crypto asset”, giving an idea of the range of features/products VELIC will offer. The collaboration between ICON and VELIC was first announced in January, at which point the VELIC team claimed to have chosen ICON over the likes of Ethereum and EOS:

“Our team reviewed Ethereum, EOS, Hyperledger, and Qtum, however, we ultimately decided to develop on the ICON’s loopchain.”

According to the team, ICX/USDT trade volume on the VELIC exchange topped $1 million in the 24 hours between July 11-12th. For comparison, the Binance ICX/USDT trade volume for the same time period wasn’t too much higher, at $1.5 million.

VELIC wasn’t the only dApp (running on ICON’s IRC2 infrastructure) announced on ICON recently.

On July 12th the team announced the imminent launch of the first multiplayer game on the ICON blockchain. Titled Battle Bomb Royale, the game is expected to arrive on the mainnet within the next week or so, as per this retweet:

“The BattleBombRoyale team is proud to announce that we will release the first ICON DApp multiplayer-game in real time on mainnet in a week or two. We will perform an open beta test on the TestNet this weekend.”

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. Chart via CoinMarketCap.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.