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Crypto December. Done, dust off. Like us, did you try to drown it all out with as much celebratory cheers as you could stock your fridge or esky? Thing.
But before we dig into the details, let’s take a quick look at how the entire month fared with the major crypto assets Bitcoin (BTC) as a barometer of market health. (Thanks to Coinglass for the data.)
So there you are. It wasn’t staggering, but it was far from the worst month of 2022 for Bitcoin and cryptocurrencies. But just in case there’s a lingering morbid fascination with all of it, you can remember what happened – in a particularly massive nutshell here.
Top 100 December Major Gainers and Losers
OKX, OKC, OKT, OKB – cumbersome…
all right. Let’s talk about OKX exchange (founded by Chinese) headquartered in Seychelles. Because, really, what was FTX worth of such a strong month with a misleadingly named dual token?
We covered this briefly in today’s Mooners and Shakers update, but let’s dig a little deeper.
First, what is a dual token, and what is the difference between OKT and OKB (the top two risers of the month)?
According to Crypto.com, OKB is a utility token on the OKX exchange. This will give OKX users access to some features of the crypto exchange. Specifically, OKB calculates and pays transaction fees, provides users access to voting and management on the site, and rewards users for staking. “
OKT, on the other hand, is known as the ‘ecosystem’ token of OKX and is associated with the development of applications on OKChain (and thus OKC). Is this confusing as hell? Perhaps, but think of it as a token in an Ethereum-compatible layer-1 blockchain built on OKX’s Cosmos.
$OKB It has risen 27.9% in the last 7 days of 2022 and started as the top 1️⃣0️⃣ coin by market cap in 2023. 🚀🚀🚀
— OKX (@okx) January 2, 2023
Annie Way… We scoured the internet to find out why these frankly irritatingly named coins top our list this month. Here’s what you can collect:
• OKX Chain (OKC with OKT token) launched its “liquid staking” protocol on December 20th. We offer users up to 40% annual rewards. Yeah… it seems sustainable.
Nevertheless, OKT’s price has skyrocketed since its launch.
• Another major reason for the surge in exchange tokens is some increase in market share since the FTX exchange giant suffered the biggest turmoil since the Major League Baseball Eating World Championship was held at Taco Bell. That’s it. And its market share is reportedly being heavily featured in the Asian market.
• Interestingly, OKX was registered as a digital asset trading business in the Bahamas in November. This Bahamas was home to his bankrupt FTX mob who loved polycules, sex and orgies. OKX was also approved last year to expand into Dubai from the United Arab Emirates.
• Finally, like many other cryptocurrency exchanges, OKX released its latest report in late December, touting its ‘proof of reserves’. The exchange claims a reserve ratio of 101% for Bitcoin and USDT, and 103% for Ethereum. This may have had some effect in boosting consumer confidence late last month.
Chiliz gets cold and Flow drips
It seems that few people expected this. Chiliz (CHZ) surged ahead of the World Cup in Qatar in mid-November, but then slumped in an event that bought rumors and sold news. If I had been careful at that time, I might have been able to exchange that story.
On a side note… Chiliz is the in-house digital currency of the Socios Sports Fan Engagement Platform, creating certain football-based social/fan tokens such as the Argentine Football Association Fan Token (ARG). And, coincidentally, that token followed the fortunes of Messi and his allies soaring.
In that case, it could be argued that CHZ tends to operate in its own volatility bubble slightly removed from other crypto markets.
On the other hand, the Flow Blockchain was in dire straits until the end of the year. It’s a trend that started by losing another 50% in November after losing 60% of its previous trading volume between September and October and announcing that the project had laid off about 22 people. % of that team due to bearish market conditions.
Flow is the blockchain that houses the once hugely popular NBA Topshot NFT brand, which has struggled to maintain healthy sales volumes during the overall downturn in the NFT space over the past few months.
Top 10 winners and losers in top 300
Zooming out a bit here, we have the top 10 winners and losers from the top 300 cryptocurrencies by market capitalization. Thanks to CoinGecko…
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