Jun 9, 2020 02:30 UTC
Jun 9, 2020 at 02:30 UTC
Overstock’s Digital Dividend Airdrop Dominating Security Token Rankings Greatly
Since airdropping to Overstock investors on May 19, Overstock’s OSTKO token has immovably settled itself as the leading security token in terms of trade volume.
OSTKO currently posts double the 24-hour trade volume of the previous top token by volume, likewise ranking as the most-traded security token for the May in spite of its airdrop occurring with less than two weeks left in the month.
Up to this point, the digital dividend seems to have effectively met Overstock’s objectives. The firm affirmed that the airdrop would give a lift to the liquidity of its security token trade tZERO.
OSTKO were distributed at a pace of one security token to each ten OSTK shares held by investors.
OSTKO Outflanks TZROP
OSTKO seems to have developed as the most-traded security token, right now flaunting a 24-hour trade volume of about $20,000.
On the other hand, the second-most traded security token, tZERO’s TZROP token, is sitting at generally $8,450 in every day trade activity, as indicated by SecurityTokenCap.
A month ago, OSTKO posted $518,600 in monthly trade volume, additionally demolishing TZROP’s $431,000 to rank and the most-traded security token for the long stretch of May.
Overstock Commands Security Token Market
Despite noteworthy volume, the cost of OSTKO fell 29% from $14.10 to close for $10.00. The market has since mostly bounced back to trade for $13 at press time.
TZROP increased 17% over May, rallying from $1.05 to near $1.42. Since then, the token has shed 13% to trade for $1.23.
Tokens issued by Overstock firms currently represent 71% of the almost $100 million all out security token capitalization, as indicated by Security Token Group.
TZROP and OSTKO additionally involve 95% of May’s add up to security token trade volume.
Currently, Overstock is fighting a lawsuit that accuses the firm of giving deceiving data concerning how its digital dividend would affect the price performance of OSTK, with the offended party claiming the airdrop was conceived to permit the company’s founder and former CEO, Patrick Byrne, to dump his offers onto a swelled market.