OKB (OKB): Project Review, Recent Developments, Future Events, Community
OKB, the utility token issued by OKX, formerly OKEx, is the best-performing top 100 crypto of the week, gaining 2.1% in a catastrophic market.
OKX announced that it had burnt an equivalent of $68 million in OKB, reducing the supply of the token.
The exchange has also integrated Avalanche (AVAX) into its NFT marketplace, now supporting six different chains.
Brazilian OKX users can now purchase the Brazilian real after a partnership with Foxbit, a payment and crypto gateway provider.
OKB is the official token of the OKX, rebranded from the OKEx exchange in January 2022. It is the official global utility token issued by the OK Blockchain Foundation. The token allows users to access the special features on OKX.
The utility token is used on OKX to facilitate spot trading, derivatives trading, and the simultaneous development of several scalable applications. In addition, a layered architecture reduces consensus times, improves scalability, and boosts security.
OKB has been doing its parent company proud through this long bearish streak for the market. So how is OKB performing in the market?
OKB has defied the crypto market trend in a week where Bitcoin and Ethereum have lost 30% and 36%, respectively. With minor rallies in the bearish market, OKB has managed to remain the best-performing top-100 crypto with a marginal 2.1% gain.
The 24-hour price chart of OKB (OKB). Source: CoinMarketCap
Over the last 24 hours, OKB gained 1.8% to trade at $11.23 after hitting an interday high of $11.30. OKB has traded between $10.94 and $11.30 within the last 24 hours. This has been the trend for OKB over the last seven days.
The 7D price chart of OKB (OKB). Source: CoinMarketCap
OKB is ranked as the 6th largest exchange token and 60th of all cryptocurrencies, with a market cap of $3.36 billion.