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OKX's OKC Token (OKT) Soars 45% in December, Here's Why

Thu, 12/22/2022 - 11:54
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Gamza Khanzadaev
OKX's OKC Token (OKT) up 45% in December, while its rival, Binance's BNB, loses 18%
OKX's OKC Token (OKT) Soars 45% in December, Here's Why
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OKC Token, or simply OKT, has seen a 45% increase in value since the start of December, outpacing not only falling rival BNB from Binance, but also another OKX token, OKB. There are several reasons for this explosive price action of OKT, which we will examine.

Source: TradingView

The first reason could be seen as the growing popularity of the OKX exchange, of which OKT is the network's native token. After the FTX ponzi scheme collapsed, it was OKX that became one of the main beneficiaries. In the month since the sad events for the crypto industry, OKX's total value locked (TVL) has doubled and now stands at $6.42 billion, according to DefiLlama.

The next reason could be named the launch of OKT's own liquid staking protocol in the middle of the month. The long-awaited event is intended to expand the decentralized aspects of the OKX ecosystem.

How has BNB fared with FUD surrounding Binance?

There are also a number of indirect reasons for the rise in popularity of both OKX and its tokens. Among them are Elon Musk's subscription to the exchange's Twitter account, and FUD around Binance, arguably its main competitor, with OKX's TVL growing by $420 million since the start of its black-and-yellow rival's troubles, according to the same data.

BNB to Be Listed by Binance Rival OKX

OKX Chain blockchain insights

According to the OKC Explorer, there are currently 131 million transactions on the OKX Chain, 89.6 million addresses on the network and a total value of $130.6 million, where OKT has a market capitalization of $478 million.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.