OOKI price plummets despite the market-wide bull run
With its native governance token, OOKI, down by 95% from its all-time high (ATH), Ooki Protocol has struggled since its creation in late 2021.
Since November last year, the Ooki DAO (decentralized autonomous organization) has dealt with the US Commodity Futures Trading Commission (CFTC) in a legal battle. The regulator claimed that the DAO offered unregistered commodities while in the belief that decentralized institutions wouldn’t face legal effects.
The US CFTC eventually won the legal case against Ooki DAO that the trading platform operated illegally in the US.
Following the recent loss, the OOKI token has plunged further, diving by over 15% in the past 24 hours. According to data provided by CoinMarketCap (CMC), the asset is trading at $0.003 at the time of writing.
Moreover, OOKI’s 24-hour trading volume plunged by 20%, dropping to $26 million. The asset’s market capitalization currently stands at roughly $13.7 million.
Per CMC, OOKI reached an ATH of $0.063 on Dec. 24, 2021, just a few hours after its launch. However, it has been in the red zone with a dive deep to an all-time low (ATL) of $0.0021 on June 10, 2023.
Despite the recent plunge, OOKI is still up 36% from its ATL registered last month.
On-chain data shows that the number of ooki protocol holders is also down by 0.08% in the past 24 hours, dropping to 2,450 unique addresses.
