Why is Orchid (OXT) crypto rising in a crashing market?

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Why is Orchid (OXT) crypto rising in a crashing market?

Why is Orchid (OXT) crypto rising in a crashing market?
Image source: © Alexanderushkevich | Megapixl.com

Highlights:

  • Orchid is a virtual private network (VPN) powered by cryptocurrencies.
  • The OXT token is available for trading on exchanges like Binance, Kraken, etc.
  • The token saw the highest price of US$0.2302 in the last 30 days.

The crypto market continued its fall on Thursday morning after briefly popping up the previous day. All major cryptocurrencies were trading in the red. Bitcoin (BTC) and Ethereum (ETH) plummeted 1.76%, and 6.17%, respectively, at 10:46 am ET on May 26, dragging down the market by 3.62% to US$1.22 trillion. However, its 24-hour volume rose 24.59% to US$94.24 billion.

Despite strong headwinds, the Orchid (OXT) crypto’s trading volume skyrocketed by over 375%, while the token price surged more than 10% in the trailing 24 hours to Thursday morning.

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What is Orchid (OXT) crypto?

Orchid, launched in December 2019, is a virtual private network (VPN) powered by cryptos. It describes itself as the first incentivized peer-to-peer (P2P) privacy network.

Orchid aims to overcome the limitations of internet freedom by allowing crypto payments to buy bandwidth from any participating internet providers. To achieve that, it uses the so-called probabilistic nano payments, using Orchid’s native utility token, OXT.

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The regular payments to providers take place off-chain, allowing the platform to circumvent issues like congestion and gas fees on the Ethereum network.

Orchid charges for its services based on a pay-per-use basis, which means users pay when they connect. So, it doesn’t charge fees on a monthly or annual basis.

The project was co-founded by Steven Waterhouse, Jay Freeman, Gustav Simonsson, and Brian J. Fox. It is aimed at using blockchain technology to enhance users’ VPN experience.

OXT is an ERC-20 standard token on Ethereum and is available for trading on exchanges like Binance, Kraken, Coinbase Pro, etc.

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Why is it gaining attention?

The crypto’s unique offerings may have drawn investors toward it. For instance, internet users are increasingly opting for VPNs for privacy and protection from online trackers.

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Orchid (OXT) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The OXT token was priced at US$0.141 at 10:50 am ET on May 26, up 10.75%, while its volume for the trailing 24 hours skyrocketed 375.19% to US$71.27 million. It has a market cap of US$97.40 million, and its fully diluted market cap is US$143.89 million.

The token's total supply is 1 billion, and its current circulating supply is 690.69 million. It returned gains of 9.89% in the last seven days.

The token saw the highest price of US$0.2302 and the lowest price of US$0.08719 in the last 30 days.

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