OX, the native token of the Open Exchange, is driving a very distinctive altcoin revival at the moment because the cryptocurrency market is underperforming. The token has reached a weekly high of $0.04063 thanks to the current increase in the digital currency of 24.36% to $0.03856. According to information from CoinMarketCap, the growth of OX has been very consistent over the last week and has climbed by 36.92%.
Given that it is affiliated with the creators of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), Open Exchange’s success looks unexpected. As the crypto community is now giving the project a second shot, the rise looks to be a vote of confidence in the endeavour.
However, the continued whale stockpiling of the token is contributing to the present increase of OX. Data from cryptocurrency analytics service provider Lookonchain shows that over the last five days, a whale has been amassing OX tokens. In the most recent round of purchases, 421 ETH, or almost $823,000, were used to purchase 26.43 million OX at an average price of $0.031.
The whale possesses 140 million OX tokens in total, valued at around $5.7 million, according to the data insight. One hundred million of these enormous tokens are locked, thirty million are in the liquidity pool, and ten million OX tokens are now in the wallet.
Potential for OX to enter top 100
Although Su Zhu and Kyle Davies’ hedge fund 3AC didn’t have a native token at the time, it was a frequent investor in tokens or projects with very strong growth potential and excitement. They must have a plethora of expertise in the area, as seen by the OX token they created.
With a market valuation of $108.7 million, OX is still a young company. Due to its low cap, the coin has excellent growth potential, which can ultimately draw in more long-term investors.
