FLEX and OX tokens surge despite no new holders.

Flex Coin (FLEX) and Open Exchange Token (OX), two tokens that are associated with the new cryptocurrency exchange OPNX, have seen a surge of up to 35% in the past 24 hours. This is due to increased social activity and interest from investors who are betting on Su Zhu and Kyle Davies, two of the founders of the exchange.

The sharp price movements are likely a result of above-average buying pressure amid relatively low liquidity. CoinGecko data shows that on Uniswap, where $3 million worth of OX were traded in the past 24 hours, a buy order of just $66,000 worth of ether (ETH) can move OX prices by 2%.

Trading volumes for OX on OPNX were even lower, with just $69,000 traded in the past 24 hours. Elsewhere, FLEX saw an even smaller trading volume of only $500,000 across centralized and decentralized exchanges.

Meanwhile, blockchain data for OX tokens show that as of Tuesday, the number of unique wallets holding the tokens stands at just 1,700, despite their market capitalization being above $105 million.

In comparison, other projects with a similar capitalization have a significantly higher number of holders. Metis blockchain boasts 17,000 holders of its METIS tokens, while crypto bridge Synapse has 7,612 holders of SYN tokens.

Note that these numbers do not account for the token holders who may have purchased these assets via a centralized exchange.

Zhu and Davies were previously founders of the now-defunct crypto fund Three Arrows Capital (3AC), which collapsed last June due to massive bets on Terra (LUNA) and Grayscale Bitcoin Trust (GBTC) that went awry, resulting in the loss of an estimated $2.5 billion of clients’ money.

The duo has since teamed up with the co-founders of crypto exchange CoinFlex to create OPNX, which they tout as the “world’s first public marketplace for crypto claims trading and derivatives.”

However, OPNX has had a rocky start, with poor volumes and a general lack of trust from market participants given the history of its operators.

Edited by Parikshit Mishra.

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