-OKX [OKB] experienced a sudden surge in value, which may be attributed to the sale of the SUI tokens.
-Despite the surge in price and volume, there was no notable uptick in the active address metric.
For quite some time, the performance of OKB, crypto exchange OKX’s native token, was quite underwhelming, with minimal price fluctuations. However, things have taken a turn for the better as of late, with OKB experiencing a sudden surge in value. This notable development could be attributed to the sale of SUI tokens.
Read OKX’s [OKB] Price Prediction 2023-24
OKB spikes and drops on a daily timeframe
For weeks, the daily timeframe chart of OKX’s native token, OKB, showed an almost stagnant price movement. That was until 14 and 15 April, when there was a sudden surge in value, skyrocketing OKB’s worth by an impressive 26.8%.
Sadly, at the time of writing, there was a subsequent 3% decrease in value, with OKB trading at approximately $51.3. Moreover, the previous trading session also witnessed a 5.02% drop, resulting in a total decline of over 8% in the past 48 hours.
Source: TradingView
The recent price surge propelled OKB into a bullish trend and pushed it into the overbought territory. According to the Relative Strength Index (RSI), OKB remained in the overbought region until its decline.
Additionally, OKB witnessed a slight retreat at of this writing, but it was still firmly in a bullish trend, with the RSI over 62.
The OKX, Sui connection
In addition to the aforementioned information, as of 15 April several reports about the launch of the SUI token by the Sui network were released. However, it came with an unexpected twist.
Instead of the tokens being distributed through airdrops, they were put up for sale. OKX exchange was among the selected exchanges that would participate in the general sale and offer rewards to Sui supporters and champions.
Those who were early adopters of the Sui ecosystem could purchase tokens at $0.03, while regular users could buy them at $0.1. Notably, OKB tokens were the accepted currency for making these purchases.
Volume and active addresses flash differently
A closer examination of the volume indicator revealed a significant spike around the price surge. Although it has since decreased, the volume was still relatively higher than before the spike. As of this writing, the volume stood at approximately 36.5 million.
Source: Santiment
Interestingly, despite the surge in price and volume, there wasn’t any noticeable uptick in the active address metric. According to the OKX active addresses metric, there was a regular activity, with the number of active addresses standing at around 358 as of this writing.Â
Source: Santiment
– How much are 1,10,100 OKBs worth today
The announcement of the SUI token positively impacted both the price and volume of OKX (OKB). Nevertheless, this rub-off effect was yet to manifest in the number of active addresses, and it remains unclear whether there will be an uptick in this metric as the SUI token sales approach.
