OKB, the native token of the OKX Exchange, posted substantial gains today in a bearish crypto market. The utility token saw a price surge of 4.63% on the day, recording a local high of $20.80. It also jumped over 11% on its weekly chart, joining Toncoin and Trust Wallet Token to lead the market in gains.
There is no major catalyst for OKB’s push that day. However, a 20.32% increase in its trading volume suggests that users have been quite busy. It might have something to do with the exchange ad to adjust the position levels of its swaps and perpetual futures contracts.
Additionally, OKX joined Binance in announcing a stimulus fund for projects struggling with liquidity. This comes after popular crypto exchange FTX ran into liquidity issues which saw it lock users out of their funds. The stock market announcement was a major factor in OKB’s weekly price spike.
OKX Announces Project Recovery Funds, OKB Launches Bull Run
Earlier this week, OKX announced plans to establish a $100 million project green support plan. According to the tweet, OKX will work with OKXChain and OKX Demo Day on the project. OKX intends to help high-quality projects currently struggling with issues such as liquidity. The cryptocurrency exchange believes it is essential to help projects migrate seamlessly. In addition, it plans to offer eligible projects financial, environmental and technical support to help them overcome obstacles.
Binance announcement a similar venture on Monday after the FTX debacle pushed the crypto market lower. The world’s largest crypto exchange plans to use its recovery fund project to help long-running successful projects recover from liquidity issues.
Justin Sun, the creator of Tron, and Huobi, a cryptocurrency exchange, have endorsed Binance’s recovery fund. According to Justin Sun, it will help developers and builders to overcome the problem. In addition, Simon Dixon, the biggest shareholder of Celsius, intends to contribute to the fund to revive the sector. After OKX’s announcement on November 15, the OKB token jumped 8.74%. It has continued its rise since then, pushing the token to a new weekly high.
How OKB fared over the week
The price of OKB rose 4.63% to $20.68 over the past day. This maintains the upward trajectory it was on the previous week, rising from $18.5 to its current price of 11.39%. The all-time high of the coin is $44.01, which is an increase of 53.17% from its current market price.
Table attach price volatility and movement of OKB over the previous week. The Bollinger bands in gray represent the volatility of its weekly price changes. The larger the width of the bands or the size of the gray area at any given time, the greater the volatility.
OKB’s trading volume jumped 20.32% in the past 24 hours, indicating high trading activity. The token also held firm against Bitcoin and Ethereum. At the time of writing, OKB has gained 4.66% and 4.67% against the top cryptos respectively.
Featured image from Pixabay and chart from TradingView.com