OKX Token Booms After Elon Musk Follows Exchange On Twitter

Elon Musk has started following the cryptocurrency exchange OKX on Twitter, which has suddenly skyrocketed its token, OKB’s price.

The price of OKB token was at 22.97 USD before the event, and it boosted to 24.15 USD in a period of 1 hour. Trading volume also took a jump of 15.58 million USD to 18.73 million USD. As of writing, the coin has spiked by 7.41% in the last 24 hours.

The market cap for OKX is presently at 1.860 billion USD with an increase of 29.61% in the trading volume. Source: coinmarketcap

Musk and crypto connection

Musk has never followed any exchange account on the microblogging platform before this.

He has been openly vouching for the meme crypto, Dogecoin, and follows its founder Billy Markus. This has given a major boost to the token from time to time. Before taking over Twitter, he hinted at Dogecoin’s possibility of being a payment method on the platform. In an interview with Times last year, he claimed that Dogecoin is better for transactions compared to Bitcoin, the largest cryptocurrency exchange.

There has been news going around for a while that Musk is about to launch Twitter Coin. This has again boosted the price of DOGE. The “Coins” part of the “Tips” settings’ hidden menu was discovered by app researchers Nima Owji and Jane Manchun Wong on Twitter. However, Wong deleted her account immediately after tweeting. This has not officially been confirmed by Musk or Twitter.

Binance backed him with a whopping 500 million USD during the acquisition of Twitter. However, he doesn’t follow Binance or its founder CZ.

OKX is a Seychelles-based cryptocurrency exchange, founded by Star Xu and owned by OK Group. It was formerly named as OKXe. In early 2022, it was renamed OKX. In March, the football team, Manchester United announced its partnership with OKX as an official cryptocurrency partner.