OKB Takes Off: Unpacking The Reasons Behind A 27% Weekly Surge

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The OKB native token of the OKX crypto exchange has been on the rise, with an impressive 27% gain in the weekly chart, as well as a 5% increase in the past 24 hours. 

This surge in OKB’s price comes as the overall cryptocurrency market has been in a bullish mode, with the overall market cap up almost 7% earlier today. 

Bitcoin has led the charge, hitting a significant resistance at $26,000, which has caused other coins to surge, including OKB.

According to the data from CoinMarketcap, the token is currently trading at $48.12. However, the coin is currently facing key resistance at around $50, and if it manages to surpass it, it could experience further gains toward major resistance at $55. It could drop to $45 or below if it fails.

OKB 1D graph coinmarketcap 3
Source: CoinMarketcap

OKB Price Driving Factor

The OKB price has been on the rise due to a number of key factors. One of the most significant of these is the recent announcement from OKX, the world-leading cryptocurrency platform, regarding its expanded partnerships with Filecoin EVM. 

“As one of the first multi-chain wallets to integrate the Filecoin EVM upgrade,” OKX is poised to take advantage of the decentralized properties of the Ethereum blockchain and provide its users with even more robust storage and retrieval options for their data.

Filecoin allows anyone to store and retrieve data on the internet, while the Ethereum Virtual Machine is an execution environment that enables any arbitrary code to be deployed to and run on a blockchain. 

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Together, these technologies provide an ideal platform for cryptocurrency users who demand the highest level of security and reliability.

In addition to the OKX-Filecoin EVM partnership, the recent listing of Velodrome Finance ($VELODROME) on OKX’s spot trading markets has also contributed to the rise in OKB price. 

Velodrome, a decentralized exchange, is Optimism’s primary liquidity layer and growth engine, ideal for protocols seeking to incentivize liquidity. Additionally, OKX is solidifying its position in the crypto world by launching a Futures DCA contest with a 27,000 USDT prize pool.

This competition includes events for creating a Futures DCA bot, winning cash rewards based on invested amount, and inviting friends to participate.

These factors combined contributed to the recent rise in OKB price and cemented OKX’s position as a leading platform for cryptocurrency traders and investors.

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