For a long time, the performance of OKB, the native cryptocurrency of crypto exchange OKX, was disappointing, with only minor price changes. However, things have recently improved, with OKB enjoying a dramatic increase in value. This significant development may be attributable to the selling of SUI tokens.
The daily period chart of OKX’s native token, OKB, shows absolutely little price movement over weeks. That was until the 14th and 15th of April, when the value of OKB skyrocketed by an astonishing 26.8%. Unfortunately, at the time of writing, OKB was trading at around $51.3, a 3% fall in value. Furthermore, the previous trading session saw a 5.02% dip, for a total drop of almost 8% in the preceding 48 hours.
The recent price increase drove OKB into a bullish trend and into overbought condition. OKB stayed in the overbought zone until its collapse, according to the Relative Strength Index (RSI). Furthermore, OKB had slightly declined at the time of writing, but it was still firmly in a bullish trend, with the RSI above 62. In addition to the above given facts, various news concerning the Sui network’s debut of the SUI token were revealed on April 15. It did, however, provide an unexpected twist.
Instead of being given by airdrops, the tokens were made available for purchase. OKX was one of the exchangers chosen to participate in the general auction and give awards to Sui fans and champions. Early adopters of the Sui ecosystem could acquire tokens for $0.03, while normal users could buy them for $0.1. Notably, OKB tokens were accepted as payment for these purchases.
A deeper look at the volume indicator showed a large rise around the price increase. Although the volume has since fallen, it was still considerably greater than before the increase. The volume was around 36.5 million at the time of writing.
Surprisingly, despite the increase in price and volume, there was no discernible increase in the active address metric. According to the OKX active addresses measure, there was consistent activity, with roughly 358 active addresses as of this writing.
The introduction of the SUI token boosted the price and volume of OKX (OKB). Nonetheless, this spillover effect has yet to be shown in the number of active addresses, and it is uncertain if this statistic will rise as SUI token sales progress.