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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

OKB Gains 33% As OKX Announces New OKBChain

Semilore Faleti
Semilore Faleti
Last Updated: June 11, 2024 2:32 pm
3 mins read
okb

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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. 

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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. 

okb

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

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

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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. 

-Featured Image: GetBlock.net, Chart from TradingView
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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