Tesla CEO Elon Musk followed the brokerage account OKX on Twitter, as a result, the company’s native token, OKB, saw a sudden price increase. The token appreciated by nearly 6% in less than 30 minutes after the exchange was followed by the second richest man in the world.
The OKB token traded at $23 before the event and rose to $24.15 within an hour. Trading volume also increased from $15.58 million to $18.73 million.
It is unknown why Musk followed the platform, but investors are curious as the billionaire entrepreneur is an avid blockchain and cryptocurrency enthusiast.
Musk and OKX
Musk has never followed any cryptocurrency exchange accounts, not even Binance, to which he has responded in numerous tweets.
The fact that the billionaire followed OKX could mean that the exchange and its token are of particular interest to him. Musk had announced his ambition to turn Twitter into an NFT trading space a few days after arriving at the company’s headquarters. This shows that he is very interested in blockchain technology and NFTs.
As an end to FTX, it’s possible that’s what Musk wants designate the platforms you consider safe🇧🇷 OKX is one of those rare exchanges that have shown their proof of reserves.
To find out which platform has made its reserves shares public, visit the CoinMarketCap website, which lists the largest brokers in the world and their position in the rankings. OKX is currently ranked 7th by trading volume.
News has been circulating for some time that Musk is about to launch the Twitter Coin. This again increased DOGE’s price. The “Currencies” section of the hidden “Tips” menu was discovered by app researchers Nima Owji and Jane Manchun Wong on Twitter.
With Musk and OKX’s ambitious plans to roll out Payments 3.0 to social media, here’s a clear link. But this is still speculation. Nothing has been officially announced from either side yet.
The billionaire who now runs Twitter recently hinted that Dogecoin could be a payment method on the social network. In an interview with the Times last year, Musk claimed that Dogecoin is better for transactions compared to Bitcoin.
While Musk followed OKX, it was Binance that backed him with a whopping $500 million during the Twitter acquisition. However, he does not follow Binance or its founder CZ.
Source: Live Coins
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
