Summary:
- The OKB token shot up in value after Twitter CEO Elon Musk followed OKX’s account, the crypto exchange behind OKB.
- OKB’s price rose as high as 7% by press time on the speculations that Musk might unveil crypto payments for Twitter.
- Elon Musk does not follow Binance, another crypto exchange that invested $500 million in equity for his Twitter takeover.
OKX utility token pumped in asset value after traders noticed Elon Musk followed the company’s account on Twitter. OKB is the native token for the OKX cryptocurrency exchange. Users can trade with OKB, using the coin to pay for fees and digital asset transactions.
OKB surged over 72% on the back of Elon Musk’s follow. The token traded for around $24 at press time, per data pulled from CoinGecko. It’s unclear why Musk followed OKX on the social network. OKX notably advertises its partnership with European Football giants Manchester City on Twitter.
Some crypto participants on Twitter speculated that the OKX follow affirms upcoming web 3.0 payment integrations for the social network. Musk is a known supporter of Dogecoin, a popular crypto meme coin also known as DOGE.
Hopes that Twitter will roll out support for several blockchain networks only increased after Elon purchased Twitter for $44 billion. Crypto exchange Binance invested $500 million in equity for Musk’s massive Twitter buy.
Binance CEO Chanpgeng Zhao previously said Twitter’s best bet was to integrate multiple blockchains and cryptocurrencies. Musk also suggested that payments on Twitter were a “no brainer”.
Twitter Announces NFT Trading
Twitter announced NFT trading days after Elon Musk bought the company in October. The feature promised to allow NFT traders to view, buy, and sell digital collectibles from their Twitter timeliness. Twitter’s so-called “NFT Tweet Tiles” rolled out on October 27 in beta for select Apple iOS and web users.
Elon Musk Riles Journalist With Suspensions
Crypto participants noticed the following amid online tension between Musk and several journalists on the social network. Users were outraged after Twitter suspended several accounts of reporters who cover the tech billionaire.
Asides from journalists, Twitter also suspended several other accounts including ElonJet, a profile that tracks Musk’s private jet. Musk claimed these accounts failed to comply with privacy policies and doxxing laws.