OKB, the native token of the popular OKX exchange, was recently sent into a frenzy after the announcement of the highly anticipated SUI tokens. As traders and investors alike rushed to get their hands on the new asset, OKB’s value experienced an unexpected surge.
However, despite the sudden spike in price, an interesting trend was noted: there was no notable uptick in active addresses during this period.
This peculiar phenomenon has left many wondering about the true drivers behind OKB’s recent surge and what it could mean for the future of this digital asset.
SUI Launch Triggers Positive Movement For OKB
Recent reports reveal that the Sui network has launched its SUI token, but with a surprising twist – instead of the expected airdrops, the tokens are now available for sale. The sale is being conducted through selected exchanges, including OKX exchange, which is offering rewards to SUI supporters.
The sale of SUI tokens has triggered a positive trend for OKB, with its price on Coingecko experiencing a modest rally of 2.2% to reach $53.49. Over the last seven days, OKB has seen a significant surge in value with a rally of 23.5%, which is promising for investors seeking to capitalize on the digital currency’s upward momentum.
Early adopters of the SUI ecosystem have the opportunity to purchase tokens at $0.03, while regular users can buy them at $0.1. Notably, OKB tokens are the accepted currency for making these purchases.
OKB Price And Volume Up, But Active Addresses Flat
Despite the remarkable increase in both the price and volume of OKB, there has been no significant upswing in the active address metric. As per the OKX active addresses metric, there was a consistent level of activity, with roughly 358 active addresses at the time of writing.
Cryptocurrencies total market cap currently at $1.22 billion on the daily chart at TradingView.com
One plausible explanation for this could be that the price rise may have been driven by institutional investors or whales with large holdings, rather than individual users. These investors may have traded OKB without necessarily increasing the number of unique active addresses on the network.
Another reason could be that users may have simply been holding onto their OKB, rather than actively trading or transacting with it. Thus, while the surge in price and volume is an encouraging sign for the OKB market, it is crucial to keep a close eye on the active address metric to assess the true health and growth of the network.
-Featured image from DailyCoin