OOB's market value briefly surpassed 560 million USD, with a 24-hour increase of 342%

The cryptocurrency payment company Oobit's token OOB briefly broke through $0.8, currently reported at $0.56, with a market cap of $560 million and a 24-hour trading volume of $11.1 million, showing a 342% increase in the last 24 hours. Earlier today, it was reported that Malaysian tech consulting firm VCI Global plans to acquire $100 million worth of OOB tokens.

OOB is the utility token of the cryptocurrency payment company Oobit, which is supported by Tether. According to the transaction structure, VCI Global has acquired $50 million worth of OOB tokens by issuing restricted shares to the OOB Foundation. The company stated on Tuesday that it plans to repurchase an additional $50 million worth of tokens through the secondary market after the public issuance of the tokens. VCI Global indicated that after the transaction is completed, Tether will become its largest shareholder. ChainCatcher reminds users that the prices of related tokens are highly volatile, and investments should be made with caution.