Here’s Why Crypto Exchange OKX’s OKB Token Is Soaring 20% Today

by Arthur · April 14, 2023

Crypto exchange OKX’s utility token OKB is skyrocketing today. The 24-hour low and high price is $45.29 and $54.49, and has rallied over 20% in the last 24 hours. Furthermore, trading volume has jumped 330% over the past 24 hours, supporting strong upside momentum. The OKB price is currently trading at $54.04 at press time, with more rallies expected in the coming days.

OKX Announces SUI Token Sale

The massive upside move came after OKX announced support for the SUI token sale. OKX will begin offering the SUI token through its leading token sale platform OKX Jumpstart in the form of a token allocation lottery on April 23. Users must have OKB tokens from 20.-22. April to get SUI tokens. The number of tokens available is 225 million and the selling price is $0.1.

OKX Wallet’s strategic partnership with Sui Network enables users to access Sui ecosystem projects and participate in airdrops and initiatives.

Crypto exchanges like OKXBybit and KuCoin announced that they will list SUI Token and start a subscription mechanism, instead of an airdrop. Allowed users who contribute to the ecosystem can buy SUI from a pool at a very low price.

Last September, SUI development team Mysten Labs completed $300 million in funding at a $2 billion valuation by FTX Ventures, Binance Labs, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners.

Also, OKX will be one of the biggest exchanges to take advantage of Hong Kong’s aggressive moves to develop into a crypto hub. Institutional investors from Hong Kong will probably trade on OKX to buy crypto for the first time.

On March 28, OKX established an entity in Hong Kong to provide virtual asset services. The newly established OKX entity will apply for the Virtual Asset Service Provider (VASP) license under the Anti-Money Laundering and Counter-Terrorism (Amendment) Ordinance 2022 and Type 1 and 7 licenses under the Securities and Futures Ordinance.

Also read: Did Kwon know about Terra Luna collapse beforehand

Varinder Singh

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.