Odaily Frontline | OCRV skyrocketed 100 times in 2 hours, just because of a post on 4chan?

This article comes fromCryptoSlate, original author: Nick Chong

Odaily Translator |

This article comes from, original author: Nick ChongOdaily Translator |

Earlier this week, the price of an Ethereum-based DeFi token went viral after some comments from users of the anonymous messaging site 4chan

, a few days later, this happens again. This time, the altcoin is up more than 10,000%. The problem is, the token has no intrinsic value, yet people buy it anyway.

Note: 4chan is a foreign comprehensive discussion forum. 4chan is similar to the Gordon forum, with a high degree of freedom of speech, and it does not have general forum functions such as signature documents and avatars. 4chan is very famous in foreign countries, and has caused different major incidents (including dodging, online bullying, etc.) from time to time, so it is called "foreign Gordon".

4chan is an American sticker forum launched in 2003 in the style of Futaba Channel (2chan) with ACGN related discussions as the theme. Related, many English Internet popular things are also derived from this. Because the site has relatively few specifications, the content often causes controversy. The most famous controversial page is "/b/" (Random, that is, random version). Most of 4chan users post anonymously, and its mechanism and highly controversial culture have also attracted the attention of the media in the United States and other countries. 4chan users are spread all over the world, but most of them are from the United States and Europe.

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OCRV soared 100 times in 2 hours

As the saying goes, lightning never strikes the same place twice. Not so in the crypto world.

On May 17, the price of Opyn CDAI Insurance (OCDAI) jumped 400% in 2 hours. The token, purportedly created by a DeFi protocol called Opyn, allows Compound users to obtain deposit insurance.

On May 23, Opyn y.curve Insurance (OCRV) jumped more than 10,000% in two hours. The token, also created by Opyn, allows Curve.fi users to obtain deposit insurance.

The chart shows that OCRV rose from $0.02 to a high of $3.04.

Typically, a rise in these tokens means that users of DeFi protocols are concerned about decentralized lending or structural risks in the underlying markets, which could cause them to lose some or all of their cryptocurrencies.But Daryl Lau, a research analyst at crypto data site CoinGecko, said that the reason for the astonishing rise of the two tokens is not because DeFi or the price of Ethereum is about to collapse.Instead, it’s because users of 4chan’s “biz” pages think they’re buying a low-cap “gem,” a cryptocurrency with great potential.

There are users targeting OCRV

Said: "Get in the car and sit tight. Although OCRV's market value is only $8,000, it is about to skyrocket, and there is already news on Telegram. Opyn may be like TRB a few months ago, only this time 100 times cheaper."

Sure enough, the OCRV price skyrocketed, to $3.04 as mentioned earlier.

What's crazy is that these participating users are actually buying insurance for deposits they don't have. To make things even crazier, the insurance provided by OCRV has been over two months past its expiration date.

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4chan & encryption

As absurd as this may sound, it shows the subtle connection 4chan and the cryptocurrency space have had over the years.