With its native governance token, OOKI, down by 95% from its all-time high (ATH), Ooki Protocol has struggled since its creation in late 2021. 
Since November last year, the Ooki DAO (decentralized autonomous organization) <a href="https://crypto.news/cftc-reportedly-blew-off-legal-requirement-when-serving-ooki-dao/" data-type="URL" data-id="https://crypto.news/cftc-reportedly-blew-off-legal-requirement-when-serving-ooki-dao/">has dealt</a> with the US Commodity Futures Trading Commission (CFTC) in a legal battle. The regulator claimed that the DAO offered unregistered commodities while in the belief that decentralized institutions wouldn’t face legal effects. 
The US CFTC eventually <a href="https://storage.courtlistener.com/recap/gov.uscourts.cand.400807/gov.uscourts.cand.400807.76.0.pdf" target="_blank" rel="noopener">won</a> the legal case against Ooki DAO that the trading platform operated illegally in the US. 
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Following the recent loss, the OOKI token has plunged further, diving by over 15% in the past 24 hours. According to data provided by CoinMarketCap (CMC), the asset is trading at $0.003 at the time of writing. 
<figure class="wp-block-image size-full">
 <img decoding="async" width="1177" height="532" src="https://crypto.news/app/uploads/2023/07/OOKI-price-July-5.png" alt="OOKI price plummets despite the market-wide bull run - 1" class="wp-image-14176183">
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 OOKI price – July 5 | Source: <a href="https://coinmarketcap.com/currencies/ooki-protocol/" target="_blank" rel="noopener">CoinMarketCap</a>
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Moreover, OOKI’s 24-hour trading volume plunged by 20%, dropping to $26 million. The asset’s market capitalization currently stands at roughly $13.7 million. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="CFTC Wins Lawsuit Against Ooki DAO" width="1020" height="574" src="https://www.youtube.com/embed/reVjYftFWVQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
Per CMC, OOKI reached an ATH of $0.063 on Dec. 24, 2021, just a few hours after its launch. However, it has been in the red zone with a dive deep to an all-time low (ATL) of $0.0021 on June 10, 2023. 
Despite the recent plunge, OOKI is still up 36% from its ATL registered last month. 
On-chain data <a href="https://etherscan.io/token/0x0De05F6447ab4D22c8827449EE4bA2D5C288379B" target="_blank" rel="noopener">shows</a> that the number of ooki protocol holders is also down by 0.08% in the past 24 hours, dropping to 2,450 unique addresses.&nbsp; 
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OOKI price plummets despite the market-wide bull run

crypto.news

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