- OKB, the utility token of OKEx, has had an impressive rally during the past week, culminating in gains of over 58%.
- The reason for this rise in value may be as a result of massive capital inflows and the handling of OKB by a cryptocurrency exchange, OKCoin.
- OKB has a myriad of utilities that have endeared it to the community, contributing to the steady rise of the asset.
- OKB trades at $17.73 and has a market capitalization of $1.06 billion.
The utility token of OKEx offers users access to the special features available on the cryptocurrency exchange. The utility includes the payment of trading fees, governance, and for incentivizing holders amongst others.
The offering of the asset by the Japanese-based cryptocurrency exchange OKCoin and the latest OKEx listing of Axie Infinity has driven significant traffic for OKB.
Recent Developments
OKB’s stellar price performance amid the general bullish sentiments of the cryptocurrency markets is no fluke. It is as a result of innovative developments and partnerships that brought it this far.
Technically, OKB facilitates spot trading, derivatives trading and allows for the development of scalable applications. The burning of tokens every three months is another development that makes OKB valuable to holders.
OKCoin Japan, a cryptocurrency exchange, has listed OKB in what will be its first listing in Japan. Furthermore, OKEx announced the listing of Axie Infinity’s AXS on its exchange and offered 30 Axies to 30 users that deposit AXS on OKEx.
Price Update
Because of the recent developments around OKB, the asset has soared by more than 50% over the last week. OKB is valued at $17.73 at the moment and has a market capitalization of just over $1 billion. Ranked as the 72nd largest cryptocurrency, trading volumes are at $691 million, and three months ago, the asset set its all-time high of $44.17.
In terms of tokenomics, the asset has a circulating supply of 60,000,000 OKB and a total supply of 300,000,000 OKB. However, 700 million OKB are locked until 2022 and upon release will be distributed amongst early investors, the founding team, the OK Blockchain Foundation, and public awards.
On The Flipside
- After notching highs of over 50% in one week, it seems like the beginning of a pullback as OKB falls by 5% in 24 hours.
- This leaves it trading at $17.73. 24 hour trading volume has slumped by 6.78%.
Community and Future Events
OKB has a boisterous community largely because of the OKEx ecosystem. Being the utility token of a top cryptocurrency exchange, there is bound to be a healthy community.
Community members make use of OKB to participate in the governance of the project as it allows them to vote on the platform. Community members that hold the token can earn passively if their token is involved in OKEx Earn. The provision of welcome bonuses is another incentive that is responsible for the growth of the community.
The members of the community are anticipating the burning of tokens which is scheduled once every three months. The unlocking of 700 million OKB in 2022 is a future event that the community is keeping an eye on.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
