OKC Token (OKT) has seen a 45% increase in value since the beginning of December, surpassing not only its rival BNB, but also another OKX token, OKB. What is the reason for this remarkable increase in altcoin price?
The first reason can be seen as the growing popularity of the OKX exchange behind the token. One of the main beneficiaries of the FTX collapse was OKX. In the month since the upsetting events for the crypto industry, OKX’s total locked value (TVL) has doubled and currently stands at $6.42 billion, according to DefiLlama.
The other reason might be that OKT launched its own liquid staking protocol in December. The long-awaited event aims to expand the decentralized aspects of the OKX ecosystem.
There are also a number of indirect reasons for the rise in popularity of both OKX and its tokens. Among them, first of all, Elon Musk’s subscription to the exchange’s Twitter account can be shown. At the same time, the FUD (fear, uncertainty, doubt) around Binance, the main competitor of the stock market, may have also affected the altcoin price.
Finally, according to OKC Explorer, there are currently 131 million transactions and 89.6 million addresses on OKX Chain. OKT has a market capitalization of $478 million.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.