Ooki Protocol Struggles as OOKI Token Plunges
Since its creation in late 2021, Ooki Protocol and its native governance token, OOKI, have faced significant challenges. Here are the key points to know:
– Ooki DAO has been involved in a legal battle with the US Commodity Futures Trading Commission (CFTC) since November last year. The regulator claimed that the DAO offered unregistered commodities, despite the belief that decentralized institutions would be exempt from legal consequences.
– The US CFTC eventually won the case against Ooki DAO, proving that the trading platform operated illegally in the US.
– As a result, the value of the OOKI token has plummeted by 95% from its all-time high (ATH), with an additional 15% drop in the past 24 hours. It is currently trading at $0.003.
– OOKI’s 24-hour trading volume has also decreased by 20%, reaching $26 million, and its market capitalization stands at approximately $13.7 million.
– Despite the recent decline, OOKI is still up 36% from its all-time low (ATL) registered last month.
In summary, Ooki Protocol has faced legal challenges and a significant drop in the value of its native OOKI token. The recent legal case against Ooki DAO has further impacted the token’s value, leading to a plunge in price and trading volume. However, the token remains higher than its all-time low, although it has experienced a decrease in holders.
By
By
By
By
By
By