OKB, the native cryptocurrency of the OKX exchange, has staged an impressive comeback following a lackluster performance in late July. Investors and enthusiasts are now brimming with optimism as the token surged back to life at the start of August.
The token reached a four-month high today, hitting $49 with an exceptional 15% surge on the weekly chart. Presently, OKB is trading at $47.53, showcasing a notable 6.87% increase over the past seven days. However, the 24-hour chart reveals a slight bearish trend with a 1.89% decline.
Notably, the majority of OKB token holders are currently sitting in the profit zone, as indicated by data from Into The Block. Out of a total of 43,856 addresses, only 336 are experiencing losses, while a significant 43,520 remain profitable. Those in the red either bought around the all-time high or more recently and are now grappling with depreciated prices.
Ownership distribution reveals that OKB holders are primarily retail investors, trailed by whales and a relatively small number of traditional investors. Whale addresses represent those holding over 1% of the circulating supply; investors own between 0.1% and 1%, while retail addresses hold less than 0.1%.
OKB’s Price Driving Factor
The recent increase in OKB’s value, evident from August 4 onwards, appears to be driven by factors other than whales, as indicated by the numerous transactions observed. This bucks the trend of past surges, including the remarkable 467% rise from June 18, 2022, which also lacked substantial, large transactions.
The recent resurgence in OKB’s price can be directly attributed to a significant announcement that took place on August 10, 2023. On this date, OKX Wallet successfully integrated with Base, a notable development that has sent ripples of excitement throughout the cryptocurrency community.
Moreover, OKX Discover, a platform associated with OKX, has taken a step forward by integrating several decentralized applications (DApps) from the expansive Base ecosystem.
Base, an innovative Ethereum Layer 2 (L2) solution built upon the open-source OP Stack, is at the heart of this integration. Functioning as a rollup scaling solution, Base diverts transaction processing away from the primary Ethereum blockchain, thereby establishing a more streamlined, efficient, and cost-effective environment for creating and operating decentralized applications.
OKX Wallet, a versatile cryptocurrency wallet accessible across multiple platforms and interfaces, including apps, web, and web extensions, complements this partnership.
Noteworthy features of OKX Wallet encompass access to over 3,000 cryptocurrencies, compatibility with 60+ networks, an extensive array of DApps, and a comprehensive decentralized NFT Marketplace. This integration marks a strategic move towards enhancing user accessibility, convenience, and engagement within the cryptocurrency ecosystem.
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