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.
🌊 Get ready for the Suinami 🌊
— OKX (@okx) April 14, 2023
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.
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.