CoinDesk Report:
Colin Wu, a prominent Chinese journalist focusing on cryptocurrencies, alerts the public to recent price anomalies of OKB on the OKX cryptocurrency exchange.
According to Wu, the price anomaly occurred within a 15-minute window yesterday from 20:00 to 20:15 UTC+8. During this period, the price of OKB plummeted from a high of $40 to a low of $30, marking a 25% drop within 15 minutes.
Wu stated that following the 15-minute price anomaly, the OKB price returned to normal levels. The cryptocurrency journalist attached a screenshot to his post, verifying this development.
Additionally, Wu recounted a similar incident earlier this year, notably on January 23rd, where OKB dropped significantly from $48 to a low of $25.1, a decrease of 47.7%.
As of the time of publication, the exact cause behind the latest malfunction remains undetermined. However, Wu noted that the January incident was attributed to an unidentified individual selling a large amount of OKB tokens. Both incidents followed a similar pattern of sharp declines and subsequent recoveries.
The OKB token of the second-largest offshore exchange, OKX, experienced a significant drop from $40 to $30 within a 15-minute period from 8:00 to 8:15 UTC+8, followed by a swift recovery to normal levels. OKB had previously dropped from $48 to $25.1 on January 23rd due to a sell-off. [Link to the tweet with image: https://t.co/7zIVNSdebx]
OKB has dropped over 13% within the past 24 hours. At the time of writing, OKB is trading at $35.28 per token on OKX, which ranks as the third-largest exchange by 24-hour trading volume. Similar to most cryptocurrencies in the market, OKB has seen a decline of 13.82% in the past 24 hours.
Launched in March 2018, OKB serves as the utility token of OKX, granting holders access to special features on the exchange, including reduced trading fees.
Previous cryptocurrency price anomalies have also occurred on exchanges. It is noteworthy that such incidents can stem from various factors, including large-scale buying or selling by cryptocurrency whales, liquidity issues, or technical malfunctions at exchanges.
Crypto Basic has reported numerous price issues involving prominent cryptocurrencies such as XRP. Last month, XRP experienced a 10-minute price anomaly that briefly inflated its value to $62,032 on Kraken.
In March of this year, a price anomaly on Coinbase caused Shiba Inu’s value to drop from $0.000044 per token to $0.00002, a decrease of 55%.