The Okinami crypto is actually a token. Indeed, it should always be remembered that real cryptocurrencies are only those native to individual blockchains. For example, Ethereum’s native cryptocurrency is Ether (ETH), while all other tokens issued on Ethereum’s blockchain are precisely tokens.
One such token is OKINAMI from the Kanagawa Nami project.
The Okinami “crypto” is based on the illustration Kanagawa-oki Nami Ura
Kanagawa-oki Nami Ura is a well-known 19th-century Japanese illustration depicting the great wave of Kanagawa.
It is a woodcut made by Japanese ukiyo-e artist Hokusai during the Edo period. The print depicts three boats moving in a stormy sea in which a large wave stands out with Mount Fuji in the background.
It is a true icon of Japanese culture, and was the first in a series of 36 views of Mount Fuji that revolutionized Japanese prints through the use of Prussian blue.
The work was an immediate success in Japan, but then it also reached Europe where it inspired Impressionist painters. To this day several museums around the world display copies of the work.
The Japanese name Kanagawa-oki Nami Ura literally means “The Great Wave off Kanagawa,” which itself is a Japanese prefecture south of Tokyo with its capital Yokohama. Located at the southwestern end of the Kantō region on the island of Honshū, Kanagawa prefecture directly faces the Pacific Ocean.
The value of the Okinami token
As many as one billion OKINAMI tokens have been issued, and they have only been on the crypto markets since August 2022.
During the first few days of trading, their price hovered around a thousandth of a dollar, but by 9 August the price had doubled.
By the next day, it had also already risen well above 3 thousandths, only to fall back to 2 thousandths in the following days.
Since then it has had four spikes, followed by as many declines.
The first spike occurred in mid-August, with the price rising above 6 thousandths. This spike was followed by a full-blown collapse that brought OKINAMI’s price below one thousandth in late August.
But then suddenly a new spike on 31 August, with a leap from 0.9 to 4 thousandths (+344%) in the space of a single day. It is possible that the collapse that occurred in the last two weeks of August was an anomaly.
On 6 September it was almost back to 6 thousandths when it began to fall again. This descent, although lasting until September 19, brought the price just below 3 thousandths.
The greatest spike occurred at the end of September, with the price reaching what to date is an all-time high of almost 17 thousandths on 27 September.
After the following return to 6 thousandths, a new spike was triggered on 11 October, bringing the price back to 12 thousandths.
It is now worth less than 5 thousandths, a loss of 71% from the highs in less than a month.
It is therefore a token with a decidedly volatile value, although worse has been seen in crypto markets in the past. At a time of relative calm and lateralization, such as this, its behavior stands out, although such volatility on new tokens is not unusual.
Who is behind the “crypto” Okinami
It seems to emerge from Okinami token’s Twitter profile that it is the initiative of a private individual.
The liquidity pool will be big as the great wave
I will add and extend.
— Okinami (@okinamitoken) July 21, 2022
It is not even clear what the goals of this project are, nor what the real motivations behind its creation are.
It would appear to be a DeFi project, but it has the appearance of a mere fundraiser, intended for unknown purposes for now.