Is OKX Safe? OKB Price Plummets 52%, Reasons Remain Unclear
Central issues:
- OKB’s worth tumbled from $52 to a low of $25.
- The reason for this unexpected decline is right now obscure.
- On Jan 23, Wu initially revealed that OKB cost plunges 52% from $52 to $25, before somewhat recuperating to $44. Reason for drop obscure.
On January 23, the OKX platform coin, OKB, saw a sharp drop at 9:00 UTC, going from US$52 to a minimum of US$25.
OKB saw a deficiency of more than 14% in its market capitalization, declining from an underlying worth of $3.1 billion to $2.7 billion. Be that as it may, OKB’s cost has been gradually moving back to its essential worth and is exchanging around $45 USD. The reason for this drop is as of now obscure.
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The Reason Behind OKB Price Plummet Still uncertain
During the new “blackout” episode including OKB, OKX’s pioneer and President, Mr. Star Xu, communicated that he is dubious about the circumstance. He said that the team is looking into the price differences and will tell the community once they know for sure.
The OKX stage presented the OKB token, an ERC-20 token on the Ethereum mainnet, in May 2018. At this point, it positions 28th on CoinGecko and 26th on CoinMarketCap in conditions of market capitalization. The all out supply of 300 million OKB tokens was stamped in 2019.
Possible Correlation Between Bitcoin and OKB Price Drop
The abrupt drop in OKB’s cost agreed with Bitcoin’s dip under the 39000 level. The OKX team has started an investigation into the situation, but the reasons for these fluctuations are still a mystery.
Bitcoin has marginally bounced back since. Curiously, such Bitcoin developments are viewed as power majeure occasions.