OPNX Quips on its Early Dismal Volume After Reporting 90,000% Surge

Open Exchange (OPNX) has claimed a significant increase in trading volume and has laughed about its terrible low volume on its first day. According to an April 10 tweet by OPNX, its day one trading volume on April 4 was $13.64, but it has since risen to $12,398 on April 9, a 90,000% gain.

However, recent data reveals that trading volume has increased significantly in the last 24 hours. According to CoinGecko data, OPNX’s 24-hour trading volume has risen to over $179,000 as of April 10, signifying an increase of around 24,500% since April 9.

The trading pair between Bitcoin $30,122 and Tether $1.00 has accounted for the great majority of the activity, with more than $178,000 coming from the combination.

It’s unclear what triggered the spike, although it could be related to OPNX’s April 9 announcement of a new market-making program to assist expand its volume.

The steady rise in the price of BTC, which has seen the largest crypto by market cap cruise beyond $30,000 for the first time since June 2022, may also be a factor in OPNX’s trading volumes.

OPNX CEO Leslie Lamb announced the exchange’s launch on April 4th, and it is the result of a collaboration between the co-founders of crypto investment firm Coinflex and the founders of the defunct hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies.

The cryptocurrency world has had a mixed reaction to the announcement of OPNX and its claimed trading volume.

Some comments challenged the exchange’s link to Davies and Zhu, whose locations have remained unknown since the collapse of 3AC in 2022, which once controlled $10 billion in assets. Others, meanwhile, mocked OPNX’s still-low trading volume, speculating that Binance CEO and creator Changpeng “CZ” Zhao would be concerned about the project.

Binance, on the other hand, had a 24-hour volume of more than $11 billion, compared to OPNX’s $179,000, according to CoinGecko data.