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From $88 to $114: Can OKB stand strong amid whale transfers and reach $130?
Unknown wallets have transferred a staggering 17,157,570 OKB tokens worth approximately $2.06 billion into the OKEX exchange. This massive influx of funds has raised questions about whether this altcoin can maintain its strength amidst these significant whale transfers.
As the market fluctuates, OKB [OKB] has traded within a thin margin since hitting a low of $88. As of writing, the altcoin’s value sits at $114, marking a 6.28% decline over the past day. Over the same period, trading volume decreased by an alarming 29% to $331 million, while the market capitalization dropped 6% to $2.4 billion.
Prior to this dip, OKB had been on an upward trajectory, increasing by a whopping 146% in weekly charts. Amidst these recent dips, significant buying pressure is evident, as some investors have returned to the market to take advantage of the discounted prices.
It is crucial to consider that any potential impact from these transfers into exchanges has yet to be felt. As such, if this buying pressure continues to drive demand for OKB, it could result in a trend reversal and an eventual reclaim of $130.
On the other hand, if these massive funds are instead used as selling pressure, the downward trend will likely persist, culminating in a drop to $93.
Regardless of which direction prices take, one thing is clear: this unprecedented whale transfer has the potential to significantly impact OKB’s trajectory.
Source: ambcrypto.com
