Despite the volatility of the cryptocurrency market, OKB Token records higher gains.
OKB, the OKX Exchange's native token, has seen significant gains in a bearish crypto market. The utility token's price increased by 4.63% on the day, reaching a high of $20.80. Along with other market leaders like Toncoin and Trust Wallet Token, it also increased by over 11% on its weekly chart.
There isn't a significant driver behind OKB's rise today. But a 20.32% increase in trading volume indicates active users. It could be related to the exchange's announcement that the position tiers for its perpetual swaps and futures would be adjusted.
In addition, OKX joined companies like Binance to announce a recovery fund for projects with liquidity issues. This comes after well-known cryptocurrency exchange FTX experienced liquidity problems and had to lock users out of their money.
The exchange's announcement played a significant role in the weekly price increase of OKB.
OKX declared earlier this week that it would create a $100 million ecological support plan for the project. The tweet states that OKX will collaborate on the project with OKXChain and OKX Demo Day. OKX wants to help high-quality projects that are currently having trouble with liquidity.
The cryptocurrency exchange sees it as crucial to assist projects with seamless migration. In addition, it intends to provide qualified projects with financial, ecological, and technical assistance to help them overcome the obstacles.
Following the collapse of FTX, Binance unveiled a similar project on Monday. The biggest cryptocurrency exchange in the world intends to use its recovery fund project to aid long-running, successful projects in their efforts to overcome liquidity problems.
Tron founder Justin Sun and the cryptocurrency exchange Huobi have endorsed Binance's recovery fund. Justin Sun claims that it will help developers and builders get around the problem. Simon Dixon, Celsius's largest shareholder, also plans to contribute to the fund to resurrect the industry.
The OKB token increased 8.74% following the November 15th announcement from OKX. Since then, it has continued to rise, bringing the token to a new weekly high.
OKB is selling for $20.68, a rise of 4.63% in the past day. The price has continued to rise over the past week, increasing by 11.39% from $18.5 to $21. The highest price ever paid for one of these coins was $44.01, representing a 53.17% premium over its current trading price.
The price volatility and movement for OKB over the previous week are shown on the chart. The gray Bollinger Bands depict the volatility of its weekly price changes. The volatility increases with the width of the bands or the size of the gray area at any given time.
The last 24 hours have seen a 20.32% increase in OKB's trading volume, which indicates active trading. In comparison to Bitcoin and Ethereum, the token has maintained its strength. OKB had risen against the top cryptos by 4.66% and 4.67%, respectively, as of the time of writing.
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