OKB Token Puts On Higher Numbers Amid Crypto Market Volatility

Kent Tenix

1 year ago

3 mins read

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OKB, the native token of the OKX Exchange, has recorded substantial gains today in a bearish crypto market. The utility token saw a price surge of 4.63% on the day, registering a local high of $20.80. It also surged over 11% on its weekly chart, joining the likes of Toncoin and Trust Wallet Token to lead the market in gains.

There’s no major catalyst for OKB’s surge on the day. However, a 20.32% uptick in its trading volume suggests that users have been quite busy. It might have something to do with the exchange’s announcement of adjusting the position tiers of its perpetual swaps and futures.

Furthermore, OKX joined the likes of Binance to announce a recovery fund for projects struggling with liquidity. This comes after popular crypto exchange FTX ran into liquidity issues that saw it lock users out of their funds. The exchange’s announcement was a major factor in OKB’s weekly price surge.

OKX Announces Project Recovery Funds, OKB Starts Bullish Run

Earlier this week, OKX announced its intentions to establish a $100 million project ecological support plan. According to the tweet, OKX will work with OKXChain and OKX Demo Day on the project. OKX intends to assist high-quality projects currently struggling with issues like liquidity. The cryptocurrency exchange believes it’s essential to help projects migrate seamlessly. Furthermore, it plans to offer qualifying projects financial, ecological, and technical support to help them overcome the hurdles.

Binance announced a similar venture on Monday after FTX’s debacle pushed the crypto market downward. The world’s largest crypto exchange plans to use its recovery fund project to help longstanding successful projects recover from liquidity issues.

Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, endorsed Binance’s recovery fund. According to Justin Sun, it will assist developers and builders in overcoming the issue. In addition, Simon Dixon, the largest shareholder in Celsius, intends to contribute to the fund to revive the sector. After OKX’s announcement on November 15th, the OKB token surged 8.74%. It has continued its climb since then, pushing the token to a new weekly high.

OKBUSD_ — OKB’s price is currently trading at $18.77. | Source: OKBUSD price chart from TradingView.com

How OKB Has Fared During The Week

The price of OKB has increased by 4.63% to $20.68 in the last day. This maintains the upward trajectory it has been on for the previous week, rising from $18.5 to its present price by 11.39%. The coin’s all-time high is $44.01, a 53.17% rise from its current market price.

The chart displays the price volatility and movement for OKB over the previous week. The Bollinger Bands in gray represent the volatility of its weekly price changes. The greater the bands’ width or the size of the gray area at any given time, the greater the volatility.

OKB’s trading volume has surged 20.32% in the last 24 hours, indicating high trading activities. The token has also held its ground against Bitcoin and Ethereum. As of writing, OKB had gained 4.66% and 4.67% against the top cryptos, respectively.

Featured image from Pixabay and chart from TradingView.com

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

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