Elon Musk, the new CEO of Twitter started following OKX, a crypto exchange, on Friday. OKX is the only cryptocurrency trading platform that Musk follows.
This was surprising for those who follow Musk because he doesn’t even follow Binance, the crypto exchange that supported him during his $500 million takeover of Twitter.
Musk is not also following the CEO of Binance, Changpeng Zhao, who has supported Musk during his Acquisition of Twitter.
After Musk followed OKX on Twitter, they witnessed a sudden boost in its tokens.
Before Musk followed OKX, the price of the OKB token was 22.97 USD, which increased to 24.15 USD within an hour. Additionally, trading volume increased from 15.8 million USD to 18.73 million USD. The coin has a rise of about 7.41% in a few hours of Musk’s following.
The trading volume of OKX has increased by 29.1% bringing the market capitalization of OKX to 1.860 billion USD within hours.
Currently, there are a lot of speculations going on regarding Musk’s move. People are in confusion about what Musk might mean by this sudden following of OKX.
One of the speculations that are going on regarding Musk’s action is that he has sold billions of shares of Tesla for the fourth time this year.
According to a filing with the US Securities and Exchange Commission, the total value was $3.58 billion. This speculation is leading to rumors that the interim CEO of Tesla may be considering buying OKX.
Another speculation is that the cryptocurrency FLOKI might be included in Musk’s decision to follow OKX.
The developers of FLOKI claim that it was inspired by DogeFather’s Shiba and was made by fans and other Shiba community members. Coincidentally, FLOKI was just yesterday listed on OKX.
OKX is a cryptocurrency exchange based in Seychelles founded by Star Xu in 2017.
Want to know more about OKX? Continue reading
Overview
OKX was formerly known as OKEx which was founded in 2017 by Star Xu. OKX has its headquarters in Seychelles. The Ok Group, which also runs the cryptocurrency exchange Okcoin, owns OKX. The CEO of the enterprise is Jay Hao and the CMO is Haider Rafique.
US-based investors are not permitted to invest in this business. It had its initial headquarters in Beijing, China, and is currently subject to a general ban by Chinese authorities.
By reported turnover, the exchange became the top among all other cryptocurrency exchanges in the world in May 2018. But it has been speculated that a significant amount of the reported trading volume was fabricated.
The business announced four important partners for its global utility token “OKB” on November 25, 2019.
It changed its name from OKEx to OKX in January 2022. The football team Manchester City F.C. declared OKX as their official cryptocurrency partner in March 2022.
Now let us look into certain advantages and disadvantages of OKX.
Advantages Of OKX
- Comparatively Less trading fees than any other crypto exchanges. Trading fees begin at 0.10% and drop with increased trading volumes or larger stocks in OKB tokens.
- Has high-interest staking opportunities. Opportunities to earn an interest rate over 100% annually by staking particular cryptocurrencies.
- Purchase currencies with a credit or debit card, bank account transfer, Apple Pay, Google Pay, and other compatible services in a few simple clicks.
Disadvantages Of OKX
- Users based in the United States are not permitted to use OKX due to legal and regulatory requirements.
- Even though it is a top-20 exchange, several currencies trade with a low level of liquidity.
- OKX doesn’t provide its deposit and withdrawal fees.
How To Create An Account In OKX?
Creating an account in the OKX trading platform is quite similar to any other cryptocurrency exchange. It is an easy method for everyone who wants to create an account.
Firstly you have to register an account by using your contact information. Then you have to complete all the KYC procedures to access all the trading options in OKX. The KYC verification requires your basic information and a government identification number.
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Later, it requires a picture of yours and a scanned copy of any ID you submitted earlier. Then after agreeing to the disclaimer, the account creation will be complete.
The OKB account can be managed through their website or their mobile app. If you log in to your account, you can have all the access to its features and also can see your account balance. You can earn cryptocurrency and withdraw it according to your needs.
Cryptocurrencies Under OKX
There are more than 300 cryptocurrencies available in OKX. here are some of the top currencies traded on OKX:
- Ethereum
- OKB
- Bitcoin
- Polygon
- Terra
- TRON
- Solana
- Avalanche
- Shiba Inu
- Dogecoin
- XRP
- JUST
- Yearn. finance
- APENFT
OKX is accessible to over 200 countries but is not permitted to US users. It offers every feature that is available on any other crypto-based platform.
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