In a dramatic 15-minute window from 8:00 to 8:15 UTC+8, the price of OKB, the native token of the second-largest offshore exchange OKX, experienced a sharp decline from $40 to a low of $30 before quickly rebounding to normal levels.
This rapid fluctuation left many traders and analysts searching for answers.
This isn’t the first time OKB has seen such volatility. On January 23 of this year, a similar incident occurred when the token’s price plunged from $48 to $25.1 in a matter of moments, marking a staggering 47.7% drop.
WuBlockchain reported that the January incident was triggered by a trader unloading a large volume of OKB tokens, but the cause of the latest glitch remains unknown at the time of writing.
The OKB token of the second largest offshore exchange OKX fell sharply in 15 minutes from 8:00 to 8:15 UTC+8, from $40 to a low of $30, and then quickly returned to normal levels. OKB once dropped from $48 to $25.1 on January 23 due to someone’s selling. https://t.co/7zIVNSdebx pic.twitter.com/ey5O6oq5wE
— Wu Blockchain (@WuBlockchain) July 5, 2024
OKB Token Price Action To Watch
Currently, OKB is trading at $34.84 on OKX, the third-largest exchange by 24-hour trading volume. Like many other cryptocurrencies, OKB has seen a significant loss over the past 24 hours, down by 13.19%.
This recent volatility serves as a stark reminder of the inherent risks in the cryptocurrency market, where prices can swing dramatically in short periods. Traders and investors are advised to remain vigilant and stay informed about market conditions to navigate these unpredictable waters.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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