Price Glitch Takes OKB From $40 to $30 on OKX Exchange

Popular crypto-focused Chinese reporter Colin Wu calls attention to an OKB price glitch that recently occurred on the OKX crypto exchange. 

According to Wu, the price glitch occurred yesterday within a 15-minute window from 20:00 to 20:15 UTC+8. During this time, the price of OKB crashed from $40 to a low of $30, reflecting a 25% decline within 15 minutes. 

Wu stated that OKB’s price returned to normal levels following the 15-minute price glitch. The crypto-focused reporter attached a screenshot to the post, confirming the development. 

Meanwhile, Wu recounted a similar incident that occurred earlier this year, specifically on January 23. At the time, OKB’s price dropped significantly to a low of $25.1 from $48, representing a 47.7% decline. 

The reason behind the latest glitch remains uncertain at press time. However, Wu noted that the January incident was caused by an unknown individual who sold large OKB tokens. Both incidents follow the same pattern, involving massive price drops and sharp recoveries. 

The OKB token of the second largest offshore exchange OKX fell sharply in 15 minutes from 8:00 to 8:15 UTC+8, from $40 to a low of $30, and then quickly returned to normal levels. OKB once dropped from $48 to $25.1 on January 23 due to someone's selling. https://t.co/7zIVNSdebx pic.twitter.com/ey5O6oq5wE

— Wu Blockchain (@WuBlockchain) July 5, 2024

OKB Down Over 13% in 24 Hours  

At the time of writing, OKB is trading at $35.28 per token on OKX, the third largest exchange by 24-hour trading volume. Like most crypto assets in the market, OKB is down over the past 24 hours, recording a 13.82% decline within this period. 

Launched in March 2018, OKB is OKX’s utility token. It allows holders to access special features on the exchange, including reduced trading fees. 

Previous Crypto-related Price Glitches 

Meanwhile, this is not the first time that crypto assets have experienced hefty price glitches on exchanges. Notably, crypto price glitches can be caused by multiple factors, including large sell-offs or buy-ins by crypto whales, liquidity issues, or technical glitches from the exchange. 

The Crypto Basic has reported numerous price glitches involving some prominent cryptos, like XRP. Last month, XRP experienced a 10-minute price glitch that pushed its value to a whopping $62,032 on Kraken.  

In March, a price glitch on Coinbase also took Shiba Inu’s value from $0.000044 per token to $0.00002, representing a 55% dip.