OOB Market Cap Briefly Surpasses $560 Million, with a 342% 24h Growth

BlockBeats News, November 12, according to GMGN data, the token of the crypto payment company Oobit, OOB, briefly surpassed $0.8 and is now trading at $0.56, with a current market cap of $5.6 billion, a 24-hour trading volume of $11.1 million, and a 24-hour price increase of 342%.

Earlier today, Malaysian tech consultancy firm VCI Global announced its plan to acquire the OOB token, valued at $1 billion. OOB is the utility token of the crypto payment company Oobit backed by Tether. According to the transaction structure, VCI Global has acquired $50 million worth of OOB tokens through the issuance of restricted shares to the OOB Foundation. The company stated on Tuesday that it plans to repurchase $50 million worth of tokens on the secondary market after the token's public issuance. VCI Global indicated that after the transaction is completed, Tether will become its largest shareholder.

BlockBeats reminds users that the prices of related tokens are highly volatile, so investments should be made with caution.