3AC-linked altcoins have rallied as much as 35% in the last 24 hours due to increased social activity and interest from investors betting on their founders.
Low liquidity doubles rally
Flex Coin (FLEX) and Open Exchange Token (OX), two tokens linked to the new crypto exchange OPNX, gained double digits today. The price action is driven by increased social activity and interest from investors betting on 3AC founders Su Zhu and Kyle Davies.
Also, the rally was likely the result of above-average buying pressure in the relatively low liquidity environment. CoinGecko data shows that OX has recorded $3 million worth of trading volume in the last 24 hours. A purchase order for $66,000 from Uniswap alone was enough to raise the OX price by 2%.
On the other hand, OX trading volumes were even lower on OPNX. In the last 24 hours, only $69,000 in volume was realized. Elsewhere, FLEX saw an even more meager $500,000 in trading volumes on centralized and decentralized exchanges.
Meanwhile, on-chain data for OX shows the number of wallets to be just 1,700 as of Tuesday. The number of wallets remained relatively low even as the market cap rose above $105 million. By comparison, projects with similar capital have a significantly higher number of investors. For example, Metis Blockchain has 17,000 investors, while crypto bridge Synapse has 7,612 investors.
Altcoins soar due to interest from investors betting on 3AC founders
Zhu and Davies are the founders of Three Arrows Capital (3AC), which went bankrupt last June after its large positions on Terra (LUNA) and Grayscale Bitcoin Trust (GBTC) went wrong. The failing hedge fund firm exploded an estimated $2.5 billion in client funds.
The two have since collaborated with the co-founders of crypto exchange CoinFlex on the creation of OPNX. It touted it as “the world’s first public marketplace for crypto trading and derivatives.”
But OPNX has had a rough start since then. It was marred by a general lack of confidence from market participants given the low volumes and the history of their operators.
cryptocoin.comAs you can follow, 3AC, the bankrupt company, is currently selling its NFTs and altcoins in the repayment process.
Three Arrow Capital NFTs find buyers for $2.5 million
In the most important sale, an NFT sold for $2.5 million at an auction organized by Sotheby’s. Featured collections included the following NFTs.
- Tyler Hobbs Fidenza #725
- Larva Labs Autoglyph #187
- Tyler Hobbs Fidenza #861
- Finally, the highest sale was Tyler Hobbs Fidenza #725 with $1 million
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