AFter the launch of the Coinbase Pro token listing, the OXT token from Orchid Labs dropped in value by more than 20 percent on December 18. In a response to the drop in value, the CEO of Orchid Labs said that the business has a long-term plan in mind. Although Steven Waterhouse said that it is his responsibility as the CEO to be concerned about everything, he said that a short-term drop in value does not bother him a great deal.

Waterhouse added that he is interested in the long-term performance of the company and token. Orchid Labs first released its token-fueled network on December 16. Around December 12, the Coinbase Pro exchange announced the listing for OXT. That listing stated that trading for the token would start on December 16.

The highest point of the OXT token was $0.55 on December 16. After that, it fell by more than 50 percent. Its low was $0.21 on December 18. It rebounded to as much as $0.71, then it stabilized around $0.65.

OXT took more than two years of work. The firm's mission is to develop a set of tools for a more private and a more open internet. Essentially, OXT is a decentralized virtual private network build on the OXT token. Users buy and sell internet bandwidth.

The Orchid Labs focus is on the network's utility. The firm's CEO was thrilled that Coinbase picked up the token. He added that two other listings were added the following two days, between December 16 and 18. Coinbase added OXT to its main app and its website. It also said that OXT would be on Coinbase's Earn program.

Waterhouse said that with all the interest in his business and its network, they got a lot of attention and a lot of trading volume. He added that if people want to use OXT, they should expect some continued growth in its value over the upcoming weeks and months. OXT is not the only turbulent asset. The value of Bitcoin has also changed more than $800 in the past couple of days of asset trading.