The latest crash largely wiped out OKB’s weekly gains. The number of wallets with OKB tokens has increased over the past week.
Prominent exchange OKX’s [OKB] native token registered a sharp drop of more than 8% in the last 24 hours of trading, ending its seven-day winning streak, data from CoinMarketCap showed. Its demise was hastened by Bitcoin [BTC]which fell to its lowest value in April of $27,247 at the time of writing.
Read OKB’s 2023-24 price forecast
The latest crash largely wiped out OKB’s weekly gains. However, things may change quite quickly for the token as the OKX ecosystem has been looking forward to some interesting developments.
Exciting times for OKX
OKB holders eagerly awaited the SUI token sale on OKX Jumpstart scheduled for April 23. Since the launch of Testnet Wave 1 in November 2022, the Layer-1 (L1) protocol, Sui Network, has been one of the most anticipated projects.
Only OKB holders are eligible to participate in the token sale. This could have fueled demand for the exchange token lately.
💡 Alone $OKB holders are eligible to participate
💡 Snapshot from April 20-22
— OKX (@okx) April 21, 2023
Moreover, there was a huge hype surrounding the soon to be launched OKB chain, which went live on a test network last month. The new chain will be a layer-2 Ethereum [ETH] scaling solution using the zero-knowledge rollup (zk-rollup) technology.
However, unlike other rollups, the on-chain transaction fees are paid in OKB instead of ETH. Anticipating its value as the ecosystem’s utility token, more traders would be tempted to amass OKB in the near term, thus contributing to the price increase.
OKB in safe hands
A higher number of wallets got involved in OKB transactions over the past week, pointing to the token’s growing prominence.
Most of these wallets were buyers as the number of holders for OKB increased during the same time. It revealed that users were betting on the price of the coin increasing.
Another reason behind the growing number of holders could be the increasing profitability of the network. The MVRV ratio scaled the highs of the positive region, implying that most holders were in profit at the time of writing.
Realistic or not, here is the OKB market cap in terms of BTC
In addition, data from DeFiLlama revealed that the exchange recorded net inflows 24 hours a day, weekly and monthly, meaning more money was injected into the platform than flown out.
OKX was the second largest centralized exchange in terms of Total Value Locked (TVL), with assets worth $9.98 billion. The clean asset reserves turned out to be 100%, which was the best of the major exchanges.
This post Despite OKB’s crash, there are some interesting developments ahead for the OKX ecosystem
was published first on https://ambcrypto.com/despite-okbs-crash-some-interesting-developments-are-on-the-way-for-the-okx-ecosystem/