Orchid CEO 'More Interested in the Long-Term' Than Recent Price Dump

gepubliceerd op by Cointele | gepubliceerd op

After a product launch and simultaneous Coinbase Pro token listing, Orchid Labs' OXT token found itself down more than 20% in value by Dec. 18, as Cointelegraph detailed in a brief.

Responding to the activity, Orchid's CEO said the business has more of a long-term focus.

"We are much more interested in the long-term performance of the company."

Orchid launches product amid token exchange listingOrchid Labs launched its token-fueled, peer-to-peer privacy-focused network product on Dec. 16, according to a blog post from the company.

Major U.S. exchange Coinbase Pro announced a listing for Orchid Labs' OXT token in a Dec. 12 announcement, which said that trading for the asset would begin on Dec. 16.The OXT token saw a price high of $0.55 USD on Dec. 16 before falling more than 50%, hitting a price low of $0.21 by Dec. 18.

Orchid's product is the result of more than two years of work"We started this company two and a half years ago with this mission of developing a suite of tools that created a more private and open internet," Waterhouse explained to Cointelegraph.

Essentially, Orchid's product is a decentralized virtual private network, fueled by its OXT token, allowing users to buy and sell internet bandwidth via free market trade, according to Orchid's blog announcement.

Reviewing this past week's activity, Waterhouse noted a significant amount of interest in the Orchid app and its network.

Orchid is not the only asset that has seen turbulence in terms of price action over the past several days.

Crypto's top asset Bitcoin has moved more than $800 in price over the last few days, as Cointelegraph reported.

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