OKB Token, the native cryptocurrency of OKX, the popular crypto exchange platform, has seen a significant surge in price over the last 24 hours. With a rise of 22%, the digital asset has seen its value increase from $40.70 to $52.
This bullish trend is also evident in the seven-day chart, which shows a 16% increase in value. Furthermore, there has been a notable uptick in the 24-hour trading volume of the token, with a rise of almost 30%.
The year 2022 has been a challenging year for the crypto market, and OKB has not been immune to its ups and downs. In the initial months of the year, the coin struggled, and when the UST stablecoin was depegged, the associated LUNA cryptocurrency collapsed, leading to a significant market crash. As a result, OKB hit its lowest value of $10 on May 12th.
The situation worsened in the following month, as the price of OKB dropped to $9.71 on June 19th, 2022. However, there has been some recovery since then, with the coin briefly crossing the $20 mark in mid-August before settling down to trade at around $16.62 on September 9th, 2022. The value of OKB dropped again to $14.47 on September 22nd, but it eventually recovered to $23.89 on November 7th.
However, the collapse of the FTX exchange caused a drop in value to $17.37 on November 14th before it recovered again to trade at around $22.96 on December 14th, 2022. Since the start of the new year, OKB has made an impressive recovery, with the token almost 97% up from YTD.
Currently, the price is facing resistance near the $51 zone, and a close above the $52 resistance level could potentially start a steady rise, bringing the price toward the $55 resistance level. But if OKB fails to clear the $45 resistance, it could continue to move downwards, with initial support at the $40 level, followed by a lower decline.
OKB Price Driving Factor
The OKB price rise can be attributed to the fact that OKX Ventures, the investment division of OKX, has announced a strategic investment in Scroll. Scroll is a zkRollup based on zkEVM, fully open-source, and offers Ethereum applications and tools native compatibility while enabling off-chain transaction processing.
OKX Ventures aims to support Ethereum’s scalability by investing in projects that use zkEVM zkRollups to process transactions off-chain, which reduces the transaction burden on the Ethereum blockchain, resulting in higher throughput and lower costs for mass adoption.
Scroll’s pre-alpha closed with over 600,000 unique addresses and 400,000 daily transactions, indicating an impressive track record. Scroll Alpha, the final testing phase before mainnet, is now open to all, with over 672,000 unique wallet addresses and 2,916,472 completed transactions.
After further development, Scroll will implement general-purpose smart contracts. The mainnet is expected to launch in four months after intensive development by the Scroll team and the wider crypto community.
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