What is the Okinami Crypt and how it works
The Okinami Crypt is actually a symbol. In fact, it should always be remembered that real cryptocurrencies are only those native to individual blockchains. For example, Ethereum’s original cryptocurrency is Ether (ETH), while all other tokens issued on Ethereum’s blockchain are precisely tokens.
One such symbol is OKINAMI from the Kanagawa Nami Project.
Okinami “crypto” is based on the illustration Kanagawa-oki Nami Ura
Kanagawa-oki Nami Ura is a well-known 19th-century Japanese illustration depicting the Great Wave of Kanagawa.
It is a woodcut made by the Japanese ukiyo-e artist Hokusai during the Edo period. The print shows three boats moving in a stormy sea where a large wave stands out with Mount Fuji in the background.
A true icon of Japanese culture, it was the first in a series of 36 views of Mount Fuji that revolutionized Japanese printing through the use of Prussian blue.
The work was an immediate success in Japan, but then it also reached Europe where it inspired impressionist painters. To this day, several museums around the world display copies of the work.
The Japanese name Kanagawa-oki Nami Ura literally means “The Great Wave off Kanagawa”, which itself is a Japanese prefecture south of Tokyo with the capital Yokohama. Kanagawa Prefecture is located at the southwestern end of the Kantō region on the island of Honshū, facing the Pacific Ocean directly.
The value of the Okinami token
As many as one billion OKINAMI tokens have been issuedand they have only been in the crypto markets since August 2022.
During the first few days of trading, the price fluctuated around a thousandth of a dollar, but by August 9, the price had doubled.
The next day it had already risen well over 3 thousandths, only to drop back to 2 thousandths in the following days.
Since then, it has had four highs, followed by as many lows.
The first peak occurred in mid-August, with the price rising above 6 thousandths. This peak was followed by a complete collapse that brought OKINAMI’s price below a thousandth in late August.
But then suddenly a new peak on August 31, with a jump from 0.9 to 4 thousandths (+344%) in a single day. It is possible that the collapse that occurred in the last two weeks of August was an anomaly.
On September 6, it was almost back to 6 thousandths when it started to fall again. This descent, although it lasted until September 19, brought the price just below 3 thousandths.
The biggest rise occurred at the end of September, and the price reached its all-time high of almost 17 thousandths on September 27.
After the subsequent return to 6 thousandths, a new peak was triggered on October 11, bringing the price back to 12 thousandths.
It’s now worth less than 5 thousandths, a 71% loss from its peaks in less than a month.
It is therefore a token with a decidedly volatile value, although worse has been seen in crypto markets in the past. In a time of relative calm and lateralization, like this, its behavior stands out, although such volatility on new tokens is not unusual.
Who is behind the “crypto” Okinami
It seems to come from Okinami tokens Twitter profile that it is an initiative from a private person.
The liquidity pool becomes as big as the big wave
I will add and expand.— Okinami (@okinamitoken) 21 July 2022
It is not even clear what the goals of this project are, nor what the real motivations behind its creation are.
There seems to be one DeFi project, but it looks like a pure fundraiser, intended for unknown purposes for the time being.
