If you are looking for a new way to invest in Bitcoin, you might want to check out $OXBT, a new type of token that is backed by Bitcoin and stored on the Bitcoin blockchain. it has skyrocketed in value in just two days.
What is $OXBT?
$OXBT is a BRC-20 token that is created by burning Bitcoin. BRC-20 is a standard for tokens that are compatible with the Bitcoin blockchain and can be stored in Ordinals Wallet, a decentralized wallet that supports Bitcoin and BRC-20 tokens. When a user burns Bitcoin, they send it to an address that cannot be accessed, effectively removing it from circulation. In exchange for burning Bitcoin, the user receives $OXBT tokens
Why did $OXBT surge in value?
$OXBT was launched on May 27th, 2023 with a free mint event that allowed anyone to claim 0.01 $OXBT for free by connecting their Ordinals Wallet to the platform. The free mint event lasted for 24 hours and attracted thousands of users who wanted to get their hands on the new token. However, the supply of $OXBT was limited to 10 billion tokens, which meant that only 1 million users could claim the free mint.
As more users claimed their free $OXBT tokens, the demand for the token increased while the supply decreased. This created a scarcity effect that drove up the price of $OXBT on the market. Within 48 hours of the launch, $OXBT reached a peak price
Note: This article is intended to provide a balanced overview of the news and does not constitute financial advice. Investors are advised to conduct their own research and consult with professionals before making any investment decisions.
