The day began with OKB trading at around $52, but it swiftly plummeted to $25. However, over the course of the following hour or two, the token’s price gradually started to recover. At present, it stands at $46, still lower than the morning price.
“Our team is currently thoroughly investigating the recent volatility in the OKB price,” said Star Xu, the founder of OKX.
According to analysts at the CryptoQuant platform, there haven’t been any significant outflows from OKX’s main asset reserves. Nevertheless, specialists from the Spot On Chain service discovered that the price reduction coincided with the transfer of 176,154 OKB (equivalent to $10 million) from ten dormant addresses to the exchange. Although it is unclear whether these wallets belong to a single entity, there is no conclusive evidence linking this action to the subsequent price drop, according to analysts:
“All 10 wallets received a total of $176,154 OKB four years ago (on February 20, 2020) and had remained inactive since then.”
Established in 2017, OKX is a prominent cryptocurrency exchange that provides spot and futures trading markets, as well as features like copy trading and the utilization of trading bots. Boasting a user base exceeding 50 million individuals, OKX currently holds the sixth position in CoinMarketCap’s exchange rankings based on trading volume.