OSMO Jumps More Than 200% as Korean Spot Volume Surges, On-Chain Signals Remain Limited
Summary
- OSMO surged 200%% in a single day, briefly reaching $0.128 before trading near $0.105.
- Of the global spot trading volume of $175 million, Bithumb accounted for 30%%, Binance 22.4%%, and Pionex 13%%.
- There was no meaningful change in on-chain fund flows, DeFi metrics, TVL, or stablecoin market capitalization.
Forecast Trend Report by Period
OSMO, the native token of Cosmos-based decentralized exchange Osmosis, jumped more than 200% in a single day. The rally appears to have been driven by a surge in spot trading volume centered on Korean exchanges.
Crypto outlet BlockBeats reported on May 11 that OSMO rose as high as $0.128 over the past 24 hours, up more than 200%. It later pared some of those gains and was trading near $0.105.
Most major exchanges have largely halted support for OSMO futures trading. Spot trading volume, however, has soared.
Global OSMO spot volume totaled about $175 million over the past 24 hours, according to CoinGecko. Bithumb accounted for the largest share at about 30%, or $55.58 million. Binance followed with 22.4%, or $40 million, while Pionex made up 13%, or $23.42 million.
On-chain fund flows and DeFi metrics, however, have shown no clear shift.
Coinglass data showed net inflows into Binance's OSMO spot market were only about $132,700 over the past 24 hours.
DefiLlama data showed trading volume on the Osmosis DEX was about $1.24 million over the same period. Fees generated during that span were just $18. Total value locked, stablecoin market capitalization and capital inflows also showed no meaningful change.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
