Here’s Why Crypto Exchange OKX’s OKB Token Skyrocketing 20% Today

Crypto exchange OKX’s utility token OKB is skyrocketing today. The 24-hour low and high are $45.29 and $54.49, rallying over 20% in the past 24 hours. Furthermore, the trading volume has jumped 330% in the last 24 hours, supporting a strong upside momentum. The OKB price is currently trading at $54.04 at press time, with more rallies expected in the coming days.

OKX Announces SUI Token Sale

The massive upside move came after OKX announced support for the SUI token sale. OKX will start offering the SUI token through its leading token sales platform OKX Jumpstart in the form of a token allocation lottery on April 23. Users need to hold OKB tokens from April 20-22 in order to get SUI tokens. The number of tokens available are 225 million and the sale price is $0.1.

OKX Wallet’s strategic partnership with Sui Network enables users to access Sui ecosystem projects and participate in airdrops and initiatives.

Crypto exchanges such as OKX, Bybit, and KuCoin announced that they will list SUI Token and launch a subscription mechanism, instead of an airdrop. Allowlisted users that contribute to the ecosystem can purchase SUI from a pool at a very low price.

In September last year, the SUI development team Mysten Labs completed $300 million in financing at a $2 billion valuation by FTX Ventures, Binance Labs, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners.

Moreover, OKX will be one of the biggest exchanges to benefit from Hong Kong’s aggressive move to evolve into a crypto hub. Institutional investors from Hong Kong are likely to trade on OKX to buy crypto for the first time.

On March 28, OKX set up an entity in Hong Kong for providing virtual asset services. The newly established OKX entity will apply for the virtual asset service provider (VASP) license under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance 2022 and the Type 1 & 7 licenses under the Securities and Futures Ordinance.

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