OPNX Exchange Sees Massive Surge in Trading Volume
Open Exchange (OPNX) recently announced a significant increase in its trading volume, joking about its initially low volume on its opening day. According to a tweet on April 10, OPNX’s day one trading volume on April 4 was only $13.64. However, as of April 9, it has apparently surged to $12,398, representing an increase of over 90,000%. Recent data indicates that the trading volume has seen an even bigger surge in the last 24 hours.
According to CoinGecko data, OPNX’s 24-hour trading volume as of April 10 has skyrocketed to over $179,000, marking a gain of around 24,500% since April 9. The majority of the volume has come from the trading pair for Bitcoin (BTC) and Tether (USDT), with over $178,000 worth of trades in the pair.
Possible Factors for the Surge
The exact reason for the increase in trading volume on OPNX is unclear, but it could be related to the announcement from OPNX on April 9 about a new market-making program aimed at boosting its volume. Additionally, the surge in OPNX’s trading volumes may also be attributed to the recent steady rise in the price of BTC, which has surpassed $30,000 for the first time since June.
OPNX CEO Leslie Lamb had announced the exchange’s opening for business on April 4. The exchange is a result of a partnership between the co-founders of crypto investment firm Coinflex and the co-founders of the collapsed hedge fund Three Arrows Capital, Su Zhu and Kyle Davies.
Mixed Response from the Crypto Community
The unveiling of OPNX and its reported trading volume has received a mixed response from the crypto community. Some comments have criticized the exchange’s connection with Davies and Zhu, whose whereabouts have remained unclear since the collapse of Three Arrows Capital in 2022, which once held $10 billion worth of assets. Others have ridiculed OPNX’s relatively low trading volume, joking about the potential concerns of Changpeng “CZ” Zhao, the CEO and founder of Binance, about the project.
Conclusion
OPNX Exchange has seen a massive surge in trading volume, with its 24-hour trading volume reaching over $179,000 as of April 10. Possible factors for this surge include the announcement of a new market-making program by OPNX and the rise in the price of BTC. However, the exchange has also faced criticism and ridicule from the crypto community due to its connection with the collapsed hedge fund Three Arrows Capital and its relatively low trading volume. As the situation develops, it will be interesting to see how OPNX fares in the highly competitive cryptocurrency exchange market.
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