OKB Surges 30% as XRP Airdrop Drives 386% Trading Volume Increase
OKB, the native token of OKX, increased by 30% on August 21, despite a wider market downturn where Bitcoin, Ethereum, and Solana saw losses between 1% and 3%. This surge was attributed to a community-driven XRP airdrop campaign that began on August 19, with five winners each receiving $2,000 in XRP.
Key points:
- The second airdrop announcement garnered over 321,000 views on X, leading to increased demand for OKB.
- Users rushed to complete KYC accounts to participate, boosting on-chain activity.
- OKB trading volumes surged by 386% to $401.31 million, while open interest increased by 119% to $20.29 million.
- Liquidations amounted to $2.04 million, primarily in shorts, indicating unexpected rally strength.
- As of press time, OKB traded at $220, marking over a 200% increase in August.
- Technical indicators show an RSI of 93.91, suggesting overbought conditions and potential profit-taking.
- Initial support expected near $180, with potential deeper retracement levels at $150 and $120.
- Speculative interest may shift towards projects like Maxi Doge as traders seek new opportunities.
Maxi Doge offers high leverage on meme assets and could attract capital from ADA traders due to its less stringent entry requirements.