Octopus Protocol (OPS) crypto's price rockets over 100%. Is it scam?

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Octopus Protocol (OPS) crypto's price rockets over 100%. Is it scam?

Octopus Protocol crypto
Image source: © Bravissimos | Megapixl.com

Highlights

  • As per the official website, Octopus Protocol allows users to manage, create, settle, and exchange synthetic assets.
  • Octopus Protocol is a decentralized finance (DeFi) platform that allows users to trade and manage decentralized derivative assets.
  • There is no apparent news behind the sudden rise in the price and volume of the Octopus Protocol crypto.

The cryptocurrency market is declining rapidly and prices of almost all the cryptocurrencies were in the red at 9:30 AM EST. Amid the crashing market, the rise in the price and volume of Octopus Protocol are skyrocketing, catching the attention of crypto enthusiasts.

The price of Octopus Protocol (OPS) crypto was up 115 per cent in the last 24 hours, and it was available for trading for US$ 0.007666 per token, as per CoinMarketCap data.

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Meanwhile, the one-day volume of the Octopus Protocol crypto zoomed around 2,000% to US$ 426,692. The global crypto market cap fell to US$ 1.5 trillion, representing a massive decline.

What is Octopus Protocol?

As per the official website, Octopus Protocol allows users to manage and create synthetic assets. In simple terms, it is a decentralized finance (DeFi) platform for trading decentralized derivative assets.

The protocol was built on the Binance Smart Chain, and it claims to provide affordable solutions to create synthetic assets. Also, Octopus Protocol claims that its smart contracts ensure safety and privacy for trade and settlement of derivatives.

The OPS crypto is the native utility token of Octopus Protocol. It can be used for paying platform fees and accessing the services and products of the Octopus Protocol ecosystem.

According to the protocol's whitepaper, the OPS crypto can also be used as a governance token. Users can use the virtual currency to govern the Octopus protocol.

Meanwhile, the OPS token has other use cases like increasing engagement and staking.

Octopus Protocol

Bottom line

There is no apparent news behind the sudden rise in the price and volume of the Octopus Protocol crypto. Investors should stay cautious as it has a low market cap of US$ 204,146, and even the Twitter account of the crypto has no significant tweets and is almost blank.

In comparison to the total supply of 150 billion tokens, the OPS crypto has a circulating supply of just approximately 26.4 million tokens.

A user named CyberElon called the cryptocurrency a big scam on CoinMarketCap, and recently the Octopus Protocol set an all-time low of US$ 0.00348 apiece on May 7.

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