YEREVAN (CoinChapter.com) — Open Exchange Token OX token price jumped 50% on Dec. 1, reaching $0.015 in the Asian-Pacific session. Notably, the token still traded 80% below its all-time high and could drop again in the coming sessions due to the ‘hype’ nature of the uptrend. More details to follow on the token price, the reasons behind the uptrend, and the possible reasons behind the looming drop (read Three Arrows Capital fail).
Open Exchange Token OX Price Jump Might Reverse
Following the $0.021 peak at approximately 04:00 UTC, the OX price retraced by about 6%, and its market cap dropped to around $48 million, per CoinMarketCap. However, the 24-hour trading volumes still recorded an over 230% uptrend.
Considering the “hype-born” reasons behind the price uptrend, it will not likely continue. The rapid rise and fall of OX’s value in response to a single social media post raised questions about the underlying stability and maturity of the cryptocurrency market. It reflects the market’s susceptibility to sentiment-driven fluctuations, underscoring the need for a more robust framework to manage such volatility.
Here’s what happened.
OPNX’s Su Zhu Says GM — X Goes Nuts
On Dec. 1, Su Zhu posted a simple “gm” (good morning) on X(Twitter), marking his first post since his arrest on Sep. 29 (details to follow). This post led to a 50% surge in the price of OX, reaching $0.021 and hitting a 63-day high, a level not seen since the day of Su’s arrest.
In detail, authorities arrested Su Zhu on Sep. 29 at a Singapore airport while attempting to flee the country. He was imprisoned for not complying with a court order to cooperate in investigating the collapse of the Singapore-based hedge fund Thee Arrows Capital (3AC). This arrest sent ripples through the crypto community, casting a shadow over OPNX and the price of Open Exchange Token OX.
Here is another vital clarification. Su Zhu and Kyle Davies, the duo behind 3AC, founded Open Exchange. The launch of OPNX came after 3AC’s collapse in June 2022.
The latter marked one of the significant downfalls in the crypto hedge fund sector. OPNX emerged as a platform for trading creditor claims of bankrupt crypto companies, pivoting from the ruins of 3AC to a new venture in the crypto space.
