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OKB Token Skyrockets 20% on OKX Exchange: Here is Why

OKB Token Skyrockets 20% on OKX Exchange: Here is Why

The value of OKB, the utility token of the OKX cryptocurrency exchange, has surged by over 20% in the last 24 hours, with a 24-hour low of $45.29 and a high of $54.49.

In addition, trading volume increased by 330% during the same period, indicating a strong bullish trend. The current price of OKB is $53.65 at the time of writing, and further upward momentum is anticipated in the days ahead.

The surge in OKB’s value is attributed to OKX’s announcement of the SUI token sale. Beginning April 23, the exchange will offer the SUI token through OKX Jumpstart, its primary token sales platform, via a token allocation lottery. To obtain SUI tokens, users must hold OKB tokens from April 20-22.

The sale price of the tokens is $0.1, and 225 million tokens will be available.

OKX Wallet has entered into a strategic partnership with Sui Network, enabling users to participate in airdrops and initiatives associated with Sui ecosystem projects.

Bybit, KuCoin, and OKX are among the crypto exchanges that will list SUI Token and initiate a subscription mechanism instead of an airdrop. Authorized users who contribute to the ecosystem can buy SUI from a pool at a reduced price.

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Mysten Labs, the SUI development team, completed $300 million in funding last year, valuing the company at $2 billion, with investment from FTX Ventures, Binance Labs, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners.

Furthermore, OKX is expected to benefit significantly from Hong Kong’s push to become a leading crypto hub. OKX will likely attract institutional investors from Hong Kong looking to purchase cryptocurrency for the first time.

On March 28, OKX established a virtual asset service provider (VASP) in Hong Kong, which will apply for the VASP license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and the Type 1 & 7 licenses under the Securities and Futures Ordinance.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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