OXT is the token of Orchid Protocol. It’s an ERC-20 token on the Ethereum blockchain, and recently the price of the crypto has made considerable ups and downs.
It made its debut on the crypto markets on December 18th, 2019, less than a year ago, at a price of about $0.31. Now it is worth $0.29, which is less than it was worth at the time of its launch. In the meantime, it has risen and fallen rapidly at least twice.
The first rapid and consistent rise occurred in the days just after its debut on the markets, considering that two days later, on December 20th, it reached a first historical high at $0.65, with an incredible gain of 109% in a couple of days.
At that point though, after a few days trading at $0.60, it collapsed for the first time, falling to $0.24 at the beginning of March 2020.
With the collapse of the financial markets in mid-March, the price dropped further, reaching a low of $0.13, before stabilizing just below $0.20 in the following months.
After five months of apparent calm, mid-August saw another incredible boom.
In fact, on 14th August it was worth about $0.20, while on 16th August, two days later, it broke through the $0.80 mark, with a new incredible gain of over 300%, once again only in a couple of days.
As soon as it touched the $0.80 quota, the price started to go down, going back to $0.40 on August 28th, then going back to $0.50 the following day and returning to $0.31 on September 4th.
Something similar, although with less intensity, has happened in the last few days.
On September 20th it had dropped to around $0.27, but the next day it had risen to $0.47, a gain of 74% in just 24 hours.
As soon as it touched $0.47 it collapsed again, going back to the current $0.29.
Orchid up and down on the crypto markets
In short, it seems that the price of OXT alternates long periods of relative stability to short periods of extreme volatility.
At the end however, in the long term, it is oscillating around the initial price of 0.3$.
Orchid Protocol is a project that aims to exploit Web 3.0 technologies to offer users greater privacy. It was launched in 2017, and in December 2019 it launched the first incentivized peer-to-peer privacy network.
To achieve this, it deployed a decentralized VPN that allows users to purchase bandwidth from a global pool of providers, thanks to its OXT utility token.
It is therefore possible that market demand for OXT tokens may vary, and at certain specific times may increase very quickly. This could justify the sudden rapid price changes of this token.