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In the dynamic world of DeFi, OpenOcean Token ($OOE) emerges as a promising yet undervalued asset. Despite its current underperformance compared to mainstream DeFi tokens, $OOE possesses significant growth prospects, especially when viewed in the context of market capitalization and token prices of other aggregators.
OpenOcean distinguishes itself with an extensive product line, supporting over 30+ chains and offering a variety of trading tools, including DEX aggregator, Limit Order functionality, Cross-chain aggregation, ETH-staking aggregation, perpetual trading options, DAO, LP pools, and API & SDK services. Its credibility and influence in the DeFi market are substantial yet not fully reflected in the $OOE token price. In this article, we will explore why OOE is undervalued and how it can soar in 2024:
The Undervaluation of OpenOcean Token (OOE)
One of the indicators of OOE’s undervaluation is its price performance relative to other DeFi tokens. OOE’s price is still lower than its 2021 IDO price ($0.04) despite the project’s significant progress since then. OpenOcean has grown by onboarding over 1 million users and 3.5 million+ transactions. It has expanded its product line to include more than 30 chains, perpetual trading, limit order, cross-chain aggregation, bridge, and more. Compared to 1inch, another dex aggregator, OpenOcean has more chains and more useful trading tools.
Moreover, OOE’s growth remains below that of mainstream DeFi tokens, such as UNI, SUSHI, AAVE, and COMP. Since their launch, these tokens’ prices have increased several times, reflecting their market dominance and user adoption. However, despite having similar or better features and potential, OOE has not yet reached its fair value.
OOE Has No Significant Selling Pressure and Great Room to Pump
Another factor that contributes to OOE’s undervaluation is the lack of selling pressure from investors. All tokens for the investors have been fully released, meaning there is no more dilution or dumping risk. It also means that the current price of OOE is at the lowest point, with great room to pump.
OOE’s total supply is 1 billion tokens, and its circulating supply is 504.5 million. It gives OOE a market cap of about $14 million, which is very low compared to other DeFi tokens with similar or lower functionalities. Furthermore, OOE has strong support from its investors and backers, who are some of the top names in the crypto industry.
This token is invested and backed by Multicoin, Binance Lab, CMS, Kenetic, and more. These investors have a long-term vision and belief in OpenOcean’s mission and value proposition. They also provide strategic guidance, resources, and connections to help OpenOcean grow and succeed.
Based on the editor’s investigation, Solana and OpenOcean have a major investor in common: Multicoin Capital. Presently, the most significant aggregator on Solana is Jupiter, boasting a market capitalization of 1 billion, yet it operates across fewer blockchain networks compared to OpenOcean. It suggests that the value of OpenOcean’s token can reach or surpass $2, compared to the market performance of Jupiter’s $jup token.
OOE May Follow Uniswap’s Interest Share Token Economics and Price Track
One of the most exciting possibilities for OOE’s future is that it may follow UNI’s interest share token economics and price track. UNI is the native token of Uniswap, the largest and most popular dex on Ethereum. UNI’s current price is $14.36, with a market cap of $11 billion and a 24-hour trading volume of $1.2 billion.
If OOE follows UNI’s interest share token economics, it may also follow UNI’s price track, as both tokens have similar total and circulating supplies. Assuming that OOE reaches the same market cap as UNI, which is $11 billion, OOE’s price would be $21.4, more than 700 times its current price of $0.03. That shows the huge potential and upside for OOE, as it is still undervalued and underappreciated by the market.
OpenOcean’s Significant Impact on DeFi
The demand for trading will boost as the bullish market is ahead in 2024, and the necessity of a dex aggregator to bring better trading price and experience will simultaneously. OpenOcean, as a leading dex aggregator, stands out in the DeFi market for its extensive product line and unparalleled credibility and influence. It has the widest coverage of over 30+ blockchains and boasts 1,000+ deepest liquidity in the market, including EVM and non-EVM chains (such as Solana).
They have pioneered the integration of L2’s & ZK chains to allow users to get the best swap returns possible. They are the first & only dex aggregator on most chains they support, such as Metis, Polygon zkEvm, Manta, etc. OpenOcean also has high brand recognition, e.g., one of the Arbitrum protocols to receive S.T.I.P grants in the 1st batch.
OpenOcean has audited all the contracts and never gets exploited. They have partnered with a wide range of protocols covering different services – such as cross-chain, information platforms, wallets, etc.- to implement us as a swap function. The notable examples are Metamask, Lido, Rabby Wallet, Li.Fi, and fWallet (Fantom wallet).
Conclusion
OpenOcean Token (OOE) is undervalued and has the potential to soar 60x to at least $2 in 2024, as it has the widest product line, the most credibility and influence, and the most innovative token economics in the DeFi market. OOE also has no significant selling pressure and great room to pump, according to the updates from the OpenOcean community, as all tokens for the investors have been fully released, and the current price is at the lowest point.
OOE may follow UNI’s interest share token economics & price track, as both tokens have similar features and benefits for their holders. It is a hidden gem in the DeFi space, and it is only a matter of time before the market recognizes its true value and potential.
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Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.
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