OKC Token, or just OKT, has seen a forty five% enhance in worth because the begin of December, outpacing not solely falling rival BNB from Binance, but in addition one other OKX token, OKB. There are a number of causes for this explosive worth motion of OKT, which we are going to study.
The primary purpose could possibly be seen because the rising reputation of the OKX trade, of which OKT is the community’s native token. After the FTX ponzi scheme collapsed, it was OKX that grew to become one of many primary beneficiaries. Within the month because the unhappy occasions for the crypto business, OKX’s whole worth locked (TVL) has doubled and now stands at $6.42 billion, based on DefiLlama.
The subsequent purpose could possibly be named the launch of OKT’s personal liquid staking protocol in the course of the month. The long-awaited occasion is meant to broaden the decentralized points of the OKX ecosystem.
There are additionally a variety of oblique causes for the rise in reputation of each OKX and its tokens. Amongst them are Elon Musk’s subscription to the trade’s Twitter account, and FUD round Binance, arguably its primary competitor, with OKX’s TVL rising by $420 million because the begin of its black-and-yellow rival’s troubles, based on the identical information.
OKX Chain blockchain insights
In response to the OKC Explorer, there are at present 131 million transactions on the OKX Chain, 89.6 million addresses on the community and a complete worth of $130.6 million, the place OKT has a market capitalization of $478 million.