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.ย
Thereโs no major catalyst for OKBโs 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 exchangeโs 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 exchangeโs announcement was a major factor in OKBโs 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 itโs essential to help projects migrate seamlessly. Furthermore, it plans to offer qualifying projects financial, ecological, and technical support to help them overcome the hurdles.ย
Binance announced a similar venture on Monday after FTXโs debacle pushed the crypto market downward. The worldโs largest crypto exchange plans to use its recovery fund project to help longstanding successful projects recover from liquidity issues.ย
Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, endorsed Binanceโs 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 OKXโs 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.
How OKB Has Faired 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 coinโs 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 bandsโ width or the size of the gray area at any given time, the greater the volatility.
OKBโs 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
