OKX’s OKB Token Surge Over 20% Thanks To Sui’s Support

Key Points:

• OKB is making significant gains today.
• Its bullish momentum can come from OKX’s announcement of support for the launch of Sui Token.
• Currently, OKB’s 24-hour trading volume is more than 320%.

OKB, the utility token of the crypto exchange OKX, is soaring today. The 24-hour low and high are $45.12 and $54.88, respectively, representing a 20% increase in the last 24 hours.

Additionally, trade volume has increased by almost 320% in the previous 24 hours to $95.5 million, indicating a strong upward trend. At press time, the OKB price was $53.5, with more gains projected in the following days.

OKB is OKX’s exchange currency, available as an ERC-20 token on the Ethereum network. OKB holders will enjoy preferential treatment while trading on OKX, such as lower transaction costs, interest on OKX savings, participation in launchpad token purchases, margin trading, lending, and so on.

OKB is the 22nd biggest cryptocurrency, with a market valuation of $3.2 billion, as of midday on April 15.

The enormous increase occurred when OKX declared its support for the SUI token auction. On April 23, OKX will launch the SUI token via its premier token sales platform OKX Jumpstart in the form of a token allocation lottery. To get SUI tokens, users must have OKB tokens from April 20-22. There are 225 million tokens available at a price of $0.1.

The strategic relationship between OKX Wallet and Sui Network allows users to access Sui ecosystem projects and engage in airdrops and campaigns.

Instead of an airdrop, crypto exchanges such as OKX, Bybit, and KuCoin indicated that they would offer SUI Token and start a subscription process. Allowlisted persons that contribute to the ecosystem may buy SUI for a very low price from a pool.

Additionally, OKX will be one of the most significant exchanges to gain from Hong Kong’s strong attempt to become a crypto center. Hong Kong institutional investors are set to purchase cryptocurrency for the first time on OKX.

On March 28, OKX established a Hong Kong business to provide virtual asset services. The newly formed OKX firm will seek the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022, as well as the Securities and Futures Ordinance Type 1 and 7 licenses.

Meanwhile, OKX is the world’s eighth biggest cryptocurrency exchange, with a $1.4 billion 24-hour trading volume.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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