‘Probably Will Go Meme’: OPNX Investors Refuse to Sell Tokens Despite Shutdown

Despite OPNX officially shutting down later this month, plenty of its traders are refusing to sell their tokens.

As news first broke that the crypto bankruptcy claims platform OPNX was going to cease its operations, many investors in its Telegram group initially expressed disbelief and called the news FUD. But as an email from the OPNX team circulated, investors changed their tune.

“Token dead?” one Telegram user said.

“Doubtful. Probably will go meme. Still has value. I’m not selling,” another responded.

“I’d hold. What are the chances they can fail again,” a third asked. “It’s almost statistically impossible. That would be four times in a row.”

To be clear, the Telegram chat doesn’t necessarily represent all OX investors. But it’s striking to see the token’s faithful followers react to news that OPNX is shutting down by professing adoration for OX.

The Telegram seems to have been abandoned by its moderation team, so there’s nobody officially connected with OPNX to counter claims that the news is FUD. “Be comfortable with fear,” one investor chimed in, following a stream of meme GIFs.

Source: Telegram

OPNX is reportedly closing because FTX’s bankruptcy process has reached “recovery”, co-founder Su Zhu told CoinDesk.

“The FTX recovery marks the end of crypto claims estates. The OX community will be focusing on OX.Fun now, and wish to congratulate the FTX estate holders on their full recovery,” Zhu said in a statement co-founder Kyle Davies provided to the media outlet.

OX.Fun is a derivative trading platform with both Su Zhu and Kyle Davies at the helm. “$OX is an ecosystem, economy, community,” Davies said on Twitter (otherwise known as X), linking to the OX.Fun Telegram. “Long live OXFUNHQ.”

$OX is an ecosystem, economy, community

Long live @OXFUNHQ

— Kyle 🐂 (@KyleLDavies) February 1, 2024

The OX.Fun community seem largely unbothered by OPNX’s demise as they didn’t see much value in OPNX anyway.

“Everybody sold the token,” one investor explained in response to someone asking for a TL;DR. “Then people bought it again, because they realized that they were never holding the token because of open exchange in the first place, they just liked the meme of it.”

According to CoinGecko, OPNX and OX.Fun’s native token, OX, plummeted from $0.01 to $0.006 in less than an hour of OPNX’s closure being announced. Now, 15 hours after the announcement, token has recovered to $0.008. Even so, it’s down 35% from its announcement price this time yesterday.

Edited by Stacy Elliott.

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