OKB, the utility token of popular cryptocurrency exchange OKX, is defying the odds today as it continues to surge in value, even as the prices of major digital assets such as Bitcoin drop.
With a current price of $54.55 on Coingecko, OKB continues to flex its muscles with impressive gains in the cryptocurrency market. The utility token has seen a 24-hour rally of 17.1%, surprising even the most seasoned investors.
But that’s not all – OKB’s 7-day rally of 30.6% showcases its continued upward trajectory, cementing its status as a standout performer among the plethora of digital assets available.
Reason For The Rally: Strategic Partnership With Sui Network
OKX experiences a significant surge in its utility token OKB’s value, with the announcement of its support for the upcoming SUI token sale. The renowned cryptocurrency exchange plans to offer the SUI token through its esteemed token sales platform, OKX Jumpstart, via a token allocation lottery scheduled to take place on April 23.
🌊 Get ready for the Suinami 🌊
📢 Introducing the long-awaited #OKX Jumpstart — $SUI$SUI is the native token of @SuiNetwork, a Layer 1 blockchain developed by @Mysten_Labs for the next billion users 💧⛓️
🗓️ Get involved with your $OKB on Apr 20 (UTC) ⤵️
— OKX (@okx) April 14, 2023
Through its strategic partnership with Sui Network, OKX Wallet users can now access Sui ecosystem projects, participate in airdrops, and other initiatives. In preparation for the SUI token sale, users are required to hold OKB tokens from April 20-22 to be eligible for SUI token allocation. The sale price of the tokens is set at $0.1, and a total of 225 million tokens are available for purchase.
Crypto exchanges, including OKX, KuCoin, and Bybit, have all announced plans to list the SUI token and launch a subscription mechanism, instead of an airdrop. Allowlisted users who contribute to the ecosystem can purchase SUI tokens from a pool at an incredibly low price.
With such a promising outlook, it’s no wonder that the news of the SUI token sale has resulted in a rally for OKB and OKX.
OKB Surges As Major Cryptocurrencies Experience Minor Losses
As Bitcoin and Ethereum struggle to maintain their positions above $30,000 and $2,000, respectively, on Saturday morning, OKB, the utility token of OKX, has seen a significant surge in value. Despite BTC experiencing a loss of over one percent, OKB has emerged as the biggest gainer amidst the market’s minor losses across the board.
Total market cap for cryptocurrencies now at $1.23 trillion on the weekend chart at TradingView.com
While other popular altcoins like Ripple (XRP) and Dogecoin (DOGE) have landed in the negative, OKB is turning heads among traders and investors.
As the crypto market continues to experience fluctuations, it remains to be seen whether OKB will maintain its upward trajectory or if BTC and other major cryptocurrencies will rebound.
-Featured image from TronWeekly