Open Exchange (OPNX) has claimed to have experienced a massive surge in trading volume and has joked about its dismally low volume on its opening day.
According to an April 10 tweet by OPNX, its day one trading volume on April 4 hit a total of $13.64 but has since apparently seen a surge to $12,398 on April 9, an increase of over 90,000%.
However, new data suggests the trading volume has seen a far bigger increase during the last 24 hours.
According to CoinGecko data, OPNX’s 24-hour trading volume as of April 10 has exploded to over $179,000, representing a gain of around 24,500% since April 9.
The vast majority of the volume has come from the trading pair for Bitcoin (BTC) and Tether (USDT), with more than $178,000 worth coming from the pair.
It’s unclear what exactly sparked the increase but it could be connected to the April 9 announcement from OPNX about a new market-making program to help increase its volume.
OPNX’s trading volumes may also be a result of the steady climb in the price of BTC which has seen the largest crypto by market cap cruise past $30,000 for the first time since June 2022.
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OPNX chief executive officer Leslie Lamb announced the exchange was open for business on April 4 and is the result of a partnership between the co-founders of crypto investment firm Coinflex and the founders of the collapsed hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies.
The crypto community has had a mixed response to the unveiling of OPNX and its reported trading volume.
Some comments criticized the exchange’s connection with Davies and Zhu, whose whereabouts have remained unclear since the 2022 collapse of 3AC, which once held $10 billion worth of assets.
Others, meanwhile, ridiculed OPNX’s still relatively low trading volume, joking that Changpeng “CZ” Zhao, the CEO and founder of Binance, would be worried about the project.
In contrast, Binance posted a 24-hour volume of over $11 billion compared to OPNX’s $179,000, as per data from CoinGecko.
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