OKB prices recovered strongly on Friday as investors reacted to the company’s marketing incentives. The coin jumped to a high of $17.30, its highest level since Aug. 26. It has jumped more than 23% from its lowest level this month, giving it a market cap of more than $990 million.
What is OKB and why is it rising?
OKX is a leading exchange with a strong market share globally. The company processes more than $2.5 billion in transactions on the spot market every day. It also handles over $21 billion in derivatives, making it the second-largest player after Binance, which handles over $61 billion.
OKB is the native token of the ecosystem. Like other centralized exchange tokens, OKB is used to reward holders and offer discounts to traders. As part of its value creation, OKX uses 30% of com[[any] revenue to buy back OKB from the $300 million in circulation. At the same time, they burn tokens every three months.
OKB prices rose this week after the company announced a new campaign to promote the exchange. The new campaign is called “what is OK” and will run on some of the world’s best-known platforms. In line with this, the company will use Daniel Ricciardo, Pep Guardiola and Scotty James.
The company hopes the new campaign will make the brand more popular outside of Asia, where it is not well known. The company’s Chief Marketing Officer (CMO) said in a In a statement:
“Now is the time to introduce OKX to the rest of the world. In the current environment, investors need an exchange that provides a safe and responsible trading platform, while It also gives them broad avenues to pursue their own brand of financial freedom.”
Additionally, OKX has launched a new global content competition that will give YouTube and Twitter creators the opportunity to share 10 million dollar prize pool.
OKB Price Prediction
The four-hour chart shows that OKB prices rebounded strongly on Thursday. The coin rose to a high of $17.33, the highest in several weeks. As it rallied, the coin managed to break above the 25-day and 50-day moving averages, while the MACD has risen above the neutral point.
The pair appears to be forming a bullish consolidation pattern. Therefore, the coin is likely to continue to rise as buyers target the next key resistance at $20.
