The price of the OKB utility token on cryptocurrency exchange OKX has surged. Over the past 24 hours, the token has increased in value from $45.29 to $54.51, an increase of more than 20%. In addition to the price surge, transaction volume increased by 328% in 24 hours. OKB is currently trading at $53.26 and is expected to rise even more in the coming days.
OKB/USDT 1-hour chart | Source: TradingView
The reason for the price increase is related to OKX’s announcement to support the sale of SUI tokens. On April 23rd, OKX will begin selling SUI via a token distribution lottery on its flagship token sale platform, OKX Jumpstart. The news created a lot of excitement among traders and cryptocurrency enthusiasts.
From April 20th to 22nd, OKB holders will be able to redeem SUI. 225,000,000 tokens will be sold at a price of $0.10 each. The strategic cooperation between OKX Wallet and Sui Network means that users can participate in airdrops and other activities within the Sui ecosystem.
Many cryptocurrency exchanges, including OKX, Bybit, and KuCoin, have chosen to offer SUI and offer subscriptions instead of airdrops. Whitelisted individuals who actively contribute to the ecosystem can purchase SUI from the pool at a discount.
Mysten Labs, the company behind the SUI token, raised $300 million from investors last September at a valuation of $2 billion. The success of this latest token sale could further boost the company’s valuation.
Additionally, OKX could benefit greatly if Hong Kong makes significant progress on its path to becoming a cryptocurrency hub. OKX is the token that many Hong Kong-based institutional investors make initial crypto purchases. As such, OKX’s success is closely tied to the success of the broader cryptocurrency industry in Hong Kong.
- OKX, Bybit, and Kucoin announced the launch of Sui tokens and launched a subscription mechanism instead of airdrops
- OKX Freezes $157M in Assets Belonging to FTX and Alameda Research
according to Kyptos