Is OKX safe? OKB price plunges 52%, reason unclear
Key points:
- The value of OKB fell from $52 to a low of $25.
- The cause of this rapid decline is currently unknown.
January 23rd rain comes first reported That OKB price 52% plunge It fell from $52 to $25 before partially recovering to $44. The cause of the decline is unknown.
OKB, an OKX platform coin, plummeted from US$52 to at least US$25 at 9:00 AM (UTC) on January 23.
OKB lost more than 14% of its market capitalization, falling from an initial value of $3.1 billion to $2.7 billion. However, the price of OKB is slowly returning to its fundamental value and is trading around $45. The cause of this decline is currently unknown.
Read more: OKX Ordinals market has recovered and compensation will be paid to affected real users
Cause of OKB price plunge still unclear
In the recent “outage” incident involving OKB, OKX’s founder and CEO, Mr. Star Xu said he was unsure about the situation. He noted that the team is looking into the price changes and will inform the community once they have a clear understanding.
The OKX platform launched the OKB token, an ERC-20 token, on the Ethereum mainnet in May 2018. It currently ranks 28th in CoinGecko and 26th in CoinMarketCap based on market capitalization. A total supply of 300 million OKB tokens was issued in 2019.
Possible correlation between Bitcoin and OKB price declines
The sharp decline in OKB price coincided with Bitcoin falling below the 39000 level. The OKX team has started investigating this issue, but the reason for this fluctuation is still unknown.
Afterwards, Bitcoin rebounded slightly. Interestingly, these Bitcoin movements are considered force majeure events.
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Source: https://coincu.com/244298-okb-price-plummets-52-reasons-remain-unclear/
