On August 1, 2021, the cryptocurrency exchange OPNX ceased its Twitter activities following a disappointing first day of trading with low volumes. The new platform’s launch failed to impress, with its social media subsequently becoming dormant.
OPNX’s First Day Performance: Underwhelming Volumes
The cryptocurrency trading platform OPNX started its operation officially on August 1. However, its entrance into the market was unimpressive as the exchange recorded abysmal trading volumes on the first day. Usually, exchanges and trading platforms would report impressive volumes in their first few days or weeks of operation as many traders would move in to take advantage of their new incentives, or try other trading platforms’ new, potentially profitable offerings.
OPNX was no exception, projecting bullish sentiments and promising users a seamless trading experience on their platform. The trading platform’s team seemed very confident about their prospects, even as they took to Twitter to announce their official start date. However, it became clear after the first day that traders had not made a beeline for OPNX’s platform, causing their trading volumes to remain dismally low.
Taking Down the Twitter Account
On the morning of August 2, the social media accounts of the OPNX trading platform became inactive, adding to the dark and negative sentiment the exchange was facing. For many prospective traders, this sudden disappearance from the public eye was a cause for concern; it signaled potential insecurity or issues with the platform.
While many speculated about the blackout, it should be noted that the exchange’s website and trading platform are still live and have shown no signs of irregularities. The fact that these platforms are still functional lends some credibility to the exchange’s claim of providing a seamless trading experience for cryptocurrency enthusiasts.
Moreover, traders can still access their accounts on the OPNX platform, further compounding the questions surrounding the trading platform’s sudden disappearance from their social media accounts. It is worth considering the possibility that the OPNX management team decided to shut down their social media accounts to avoid criticisms, negative reviews, or unconstructive comments that would hamper the exchange’s reputation.
Why Did the Exchange Perform Poorly on Day 1?
It is possible that the OPNX exchange’s underwhelming volumes resulted from traders’ unwillingness to try out a new platform. The cryptocurrency market is saturated with a plethora of platforms, leading to intense competition among them. For an exchange to survive in this competitive industry, it needs to gain the users’ trust and provide a high-quality trading environment.
The recent volatility in the cryptocurrency market could have also contributed to the lack of trading volumes on the OPNX platform. In May and June, the market witnessed one of the worst downtrends in years, with market leaders such as Bitcoin and Ethereum losing a significant portion of their value.
This market downturn may have demotivated traders from fully embracing new platforms like OPNX, which do not yet have a proven track record. On the other hand, established exchanges with a favourable reputation have the advantage of trust and goodwill, enabling them to weather such adverse market conditions.
What’s Next for OPNX?
The lackluster Day 1 performance of OPNX may not necessarily spell doom for the exchange. In any business, a poor first-day result is not sufficient to make accurate projections about the platform’s long-term success. The key takeaway is to learn from the unsatisfactory Day 1 and make necessary improvements to attract and retain users. The platform has a chance to bounce back if it takes appropriate steps to reassure traders of its stability and credibility.
OPNX needs to work on increasing user confidence, which includes promptly addressing their grievances, communicating with them frequently, and offering incentives to early adopters to boost liquidity on the platform. Only by concentrating on these critical aspects can OPNX hope to emerge from the shadows of its dismal start and join the ranks of successful digital platforms.
In Conclusion
OPNX’s cryptocurrency trading platform witnessed a bitter debut with meager trading volume on its first day of operation. Consequently, a day later, the exchange decided to halt its Twitter activities amid the criticism and concerns resulting from the disappointing launch.
However, it remains uncertain whether OPNX’s weak entrance into the market is a sign of its future potential or just an opportunity for it to regroup, strategize, and come back stronger. In the meantime, many enthusiasts are keeping a close eye on the exchange to see if it can bounce back and become a significant player in the cryptosphere.
