OKX’s Native Token OKB Price Crashed 50% in 5 Minutes: What’s Happening?

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Native token of leading crypto exchange OKX as cryptocurrency market struggles with sharp sell-off OCD The price dropped sharply. The price dropped over 50% in just five minutes.

While the OKB token price was traded at $52, it dropped sharply to $25 and approached the $46 level with a rapid recovery. While the price is still trading at a low price, investors are trying to find out the reason for the sharp decline.

OKB, the native token of the OKX exchange, experienced a sharp decline

It is also noteworthy that the decrease figures in the OKB pair are different from other data providers. While CoinMarketCap shows that prices dropped to $ 39.4, Coingecko data gives the lowest price as $ 45.

Lennix Lai, OKX’s Global Chief Commercial Officer, chose to downplay what happened at X, stating that it was “no big deal.” According to Lennix, OKX will continue to keep the community informed after reviewing the data.

Spot on Chain believes that the strange price movement may be linked to a group of OKB investments made into the platform recently. To be exact, ten previously dormant whales, likely belonging to a single organization, moved 176,154 tokens (worth $9.58 million) into OKX a week ago. Spot On Chain also believes that the latest flash crash is suspicious and may be linked to the activity of an unknown entity. explained.

According to the statement made by the stock exchange, the sharp decline led to the liquidation of many leveraged positions. While the stock market has committed to compensate for this unfortunate incident, developments are being followed. As we reported as Koinfinans.com, despite the last frightening event, the stock market did not experience any unexpected blood loss. The exchange’s reserves and users remain strong.

Source : The Crypto Basic


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