OKB Gains 33% As OKX Announces New OKBChain

Following a general price reversal earlier this February, the crypto market appears to have resumed its upward trajectory, with many assets embarking on a bullish course in the last week. OKB, the native cryptocurrency of the OKX exchange and OKX blockchain, has been one of the leading tokens during this period.

OKB Records New ATH

In the last seven days, OKB has rallied by 32.67% to hit a new all-time high of $58.37 this morning based on data by CoinMarketCap. According to a report by on-chain analytics firm, CryptoDiffer, OKB is also one of several tokens that attained a new ATH last week, including VELA, GMX, BGB, CNC, SSV, etc.

Source: CryptoDiffer

That said, OKB’s current price is widely attributed to positive investor sentiment sparked by an announcement by OKX’s founder, Mingxing “Star” Xu. On Thursday, Feb. 16, Xu tweeted about the OKX’s plans to unveil the OKBChain, a new blockchain network aimed at expanding the OKB decentralized ecosystem.

According to more data by CoinMarketCap, OKB is currently trading at $54.15, having gone up by 9.27% in the last 24 hours. The token’s daily trading volume boosted by 74.18% to $151.11 million. That said, OKB currently ranks as the 22nd cryptocurrency with a market cap of $3.2 billion.

OKB trading at $51.845 | Source: OKBUSD Chart on TradingView.com

OKX To Introduce OKBChain

Revealing more details about the OKBChain, Xu stated that the project would run parallel to the already existing OKXChain. Furthermore, the OKBChain will be developed and managed solely by the OKX company, which is contrast to the OKXChain, that is a 100% community driven project.

According to Xu, more details regarding the network’s infrastructure and its consensus algorithm should be expected in the coming weeks as OKX plans to launch the project before the end of Q1, 2023.

The OKX exchange is rated as one of the world’s biggest exchanges, with over 50 million users worldwide. Clearly, the launch of its new blockchain will drive much excitement within the crypto verse, which could translate into higher adoption of the OKB token.

Based on price predictions by top crypto forecast site, Coincodex, OKB is expected to maintain its current price gain for now, hitting a new price level of $61.05 in the next five days. However, they anticipate the altcoin to return to its current price level in the next 30 days trading around $54.48.

For long term investment, PricePrediction.net predicts OKB to be profitable. Based on their price projections for 2023, the OKX native token is expected to attain a peak price of $82.06 before the year ends. However, it goes without saying that these are merely speculations with no guarantee. All investors are reminded to conduct their personal research before any investment decision.

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