OKB, the native token of the popular cryptocurrency derivatives exchange OKEx, has surged over 17% today to hit a new all-time high of $52.31. The rally was triggered by an announcement made by OKX founder Star Xu on Twitter.
Xu announced that the OKX exchange would launch a new blockchain called OKBChain in Q1, which will operate independently of the current Okxchain. He further explained that OKBChain will be used to build a decentralized ecosystem for OKB and will be developed and operated solely by OKX.
In response to the surge in the token’s price, Xu tweeted that this is great news and a testament to the community’s trust in OKX. He also clarified that the current Okxchain is a proof-of-stake (POS) chain that is completely open and co-built by the community, while OKBChain will be a separate and independent chain.
The announcement has generated excitement among OKB holders and the cryptocurrency community at large, as it indicates OKX’s continued commitment to innovation and development. However, the launch of OKBChain is expected to bring new opportunities for the token holders to participate in the growth of the OKB ecosystem.
OKB Price Analysis
This recent surge in the price of OKB is especially significant when viewed in the context of its tumultuous journey in 2022. Following a significant market crash in May of 2022, the token experienced a significant drop in price, hitting a low of $10.
However, it has since shown signs of recovery and, currently, is trading at $48.8, reflecting an increase of 15% in the daily period and 14.56% in the last seven-day period, according to CoinMarketcap.
The resurgence of the token has been a welcome development for crypto enthusiasts who have closely followed its volatile journey over the past year. As of 14 December 2022, it had recovered to $22.96, up from its low of $9.71 in June of that year.
In 2023, the token has continued its recovery, experiencing a gain of approximately 79% since the start of the year. CoinGecko data shows that in the last 30 days, it has increased by 52.8%, and in the last 14 days, it has increased by 27.4%.
As its upward momentum continues, the next resistance point could be at $66. However, the support areas for the token are currently at $37. As long as the price remains above this support level, the upward trend is likely to continue.
Related Reading | FTX Former CEO May Lose Gaming Privileges Under New Bail Restrictions