Actually, the Okinami cryptocurrency is a token. It’s critical to remember that only cryptocurrencies that are native to specific blockchains are genuine. For instance, Ether (ETH) is the native cryptocurrency of Ethereum, and all other tokens created on its blockchain are also tokens. The Kanagawa Nami project’s OKINAMI token is an example of this. The Kanagawa-Oki Nami Ura picture serves as the basis for the Okinami “crypto”
A famous Japanese painting from the 19th century, Kanagawa-Oki Nami Ura, shows the enormous Kanagawa wave.
Hokusai, a Japanese ukiyo-e artist, created the woodcut during the Edo era. The image shows three boats sailing through a rough sea with a massive wave standing out and Mount Fuji in the distance.
It is a true representation of Japanese culture and the first of 36 images of Mount Fuji that used Prussian blue to modernize Japanese prints.
The piece was an instant hit in Japan, and when it eventually made it to Europe, it served as an inspiration for Impressionist painters. The piece is still on display at a number of institutions all over the world.
The direct translation of the Japanese name Kanagawa-oki Nami Ura is “The Great Wave off Kanagawa,” which is a prefecture south of Tokyo with Yokohama as its capital. Kanagawa Prefecture, which is situated immediately in front of the Pacific Ocean on the island of Honsh, is at the southwesterly tip of the Kant area.
Price of an Okinami token
There have been up to one billion OKINAMI tokens created, and they have only been available on cryptocurrency exchanges since August 2022.
Their price was roughly one tone-thousandth dollar during the first few days of trade, but by August 9, it had more than doubled.
It had likewise risen much above three thousandths by the following day, only to drop back to 2 thousandths in the days that followed.
Since then, it has experienced four peaks, followed by just as many falls.
Midway through August, there was the first surge, when the price increased by more than six thousandths. The price of OKINAMI fell below one thousandth in late August as a result of the full-fledged collapse that followed this rise.
But on August 31, there was an unexpected new peak, with a jump from 0.9 to 4 thousandths (+344%) in just one day. The fall that took place in the final two weeks of August might have been an isolated incident.
On September 6, it had almost gotten back to six thousandths when it started to decline once more. Despite continuing until September 19, this decline took the price down to slightly around three thousandths.
The price reached an all-time high of about 17 thousandths on September 27 during the biggest rise, which happened at the end of September.
A second spike was started on October 11 and brought the price back to 12 thousandths after the subsequent return to 6 thousandths.
Its current value is less than five thousandths, a 71% decline from its peak in less than a month.
As a result, its value is unquestionably unstable, yet worse has happened in the past on cryptocurrency marketplaces. Although such volatility on new tokens is common, at a moment of relative quiet and lateralization like now, its behavior stands out.
Who is the “crypto” Okinami’s perpetrator?
According to Okinami Token’s Twitter profile, it appears to be a private person’s idea.
Even the project’s objectives and the true driving forces behind its conception are not entirely apparent.
It would seem to be a Defi initiative. However, it appears to be just simple fundraising with as-of-yet unidentified goals.