Token

Open Exchange Token

Read

<p class="is-style-lead">Large-scale pump and dump from whales caused the OX token price to plummet by 50% momentarily before rising back again.&nbsp;</p> 
<p>On Monday, Oct. 2, Open Exchange Token (OX) suddenly went down by 50%, from 0.013 to 0.0092, in a matter of minutes. However, the token regained its 50% value within just 10&nbsp;minutes. According to a defi analyst <a href="https://twitter.com/dealerdefi/status/1708767745058173294?t=lB-4cGov6H6aDMyMFpVMFg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">@dealerdefi</a>, this rollercoaster ride in the OX market was caused by a series of “pump and dump” actions by whales.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">What is happening with OPNX (OX) right now?<br><br>In 5 minutes, the price dropped by 50%, but later rose back by 50% in 10 minutes.<br><br>I decided to investigate 🕵️‍♂️<br><br>sifuvision.eth transferred 200M of OX to this address:<br><br>0xce19a11ec8982e4a419f2c41edca4f473a3aaa87<br><br>Then this address… <a href="https://t.co/v6Vlfsy9YN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/v6Vlfsy9YN</a></p>— dealer.eth (@dealerdefi) <a href="https://twitter.com/dealerdefi/status/1708767745058173294?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 2, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p><br>So, what actually happened?&nbsp;</p> 
<h2 class="wp-block-heading" id="the-timeline">The timeline</h2> 
<p>Earlier today, a series of transactions took place involving large volumes of OX tokens. An address known as ‘sifuvision.eth’ transferred a staggering 200 million OX to another address. Soon after, 72 million of these tokens were moved to a separate wallet, leaving 32 million OX in the original recipient’s possession.</p> 
<p>Just an hour later, 40 million OX tokens were sold from a different address, causing the token’s price to plummet by nearly 50%.</p> 
<figure class="wp-block-image size-full is-resized"> 
 <img decoding="async" loading="lazy" src="https://crypto.news/app/uploads/2023/10/1.png" alt="Open Exchange Token" class="wp-image-14199897" style="width: 100%;height:586px" width="685" height="586"> 
</figure> 
<h2 class="wp-block-heading" id="the-recovery">The recovery</h2> 
<p>Soon after the price nosedived, a buyback transaction worth about $150,000 from an unknown address caused the price to surge back up by 40%. The rapid recovery raised eyebrows, with some speculating that ‘whales’ might be manipulating the market to sell their tokens at a higher price to retail investors.</p> 
<p> You might also like: <a href="https://crypto.news/breaking-3acs-su-zhu-reportedly-arrested-in-singapore/" rel="noopener noreferrer nofollow"> Breaking: 3AC’s Su Zhu reportedly arrested in Singapore </a> </p> 
<p>Adding fuel to the fire, the address that initially received 200 million OX tokens got another deposit—this time, 128 million OX. This further deposit is perplexing and raises questions about whether we can expect more price swings in the coming days.<br><br>OX token has experienced large-scale sell-offs since Friday. The token’s value initially crashed by 40% on Friday after Open Exchange’s co-founder Su Zhu was <a href="https://crypto.news/breaking-3acs-su-zhu-reportedly-arrested-in-singapore/" rel="noopener noreferrer nofollow">arrested</a> in Singapore on allegations of fraud for his bankrupt crypto hedge fund – 3AC.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/ftx-hacker-moves-4-2m-worth-of-eth-after-months-of-inactivity/" rel="noopener noreferrer nofollow"> FTX hacker moves $4.2m worth of ETH after months of inactivity </a> </p>

Open Exchange Token (OX) sees wild price swings during one day

Table of Contents

crypto.news

Other articles published on Oct 3, 2023

Crypto Assets Conference 2023 (CAC23B) Unveils a New Era of Digital Transformation

Eyeballs Scanner Worldcoin Under Fierce Eyes in Kenyan Lawmakers

Ripple Lands on 2023 Fintech 100 List

Su Zhu’s $35M estate transformed into farm by eco-friendly wife

SNDL Stock Price Fell 7%; Will SNDL Lose the Previous Gains?

BTG Pactual Doubles Down on Crypto with $97.5M Acquisition

Join our free newsletter for daily crypto updates!