Why is OOKI crypto gaining traction today?

July 28, 2022 09:49 PM AEST | By Raza Naqvi
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  • The OOKI crypto is the native token of Ooki Protocol.
  • According to CoinMarketCap, the OOKI crypto trades on major cryptocurrency exchanges.
  • Notably, the OOKI crypto is a governance token of the Ooki Protocol.

The cryptocurrency market has gained momentum over the last 24 hours, and the price of Bitcoin and other altcoins is rising. At 5 AM EST on Thursday, July 28, Bitcoin was up by eight per cent to US$ 22,985.94 per token and Ethereum (ETH) gained 11.3 per cent to US$ 1,623.1 apiece.

Amid the rising prices of altcoins, Ooki Protocol (OOKI) crypto stood out as its price surged 24.7 per cent over the previous day, and the volume skyrocketed over 6,900 per cent to US$ 122.04 million.

The rising price and volume of the OOKI crypto suggest that it could be gaining the attention of the investors, who have remained skeptical ever since the so-called stablecoin Terra Luna crashed in May.

What is OOKI crypto?

The OOKI crypto is the native token of Ooki Protocol, a robust decentralized platform for margin lending, borrowing, and trading with many features.

The Ooki protocol can be used for features like staking, lending, and borrowing, among others.

Notably, the OOKI crypto is a governance token of the Ooki Protocol and enables the community members to control the protocol by casting votes and staking. Also, through the OOKI token, the protocol claims that it places a strong emphasis on community control.

Why is the OOKI token rising?

No significant development was associated with the protocol or the token behind the price increase and massive surge in the volume of the OOKI crypto. The rise could be attributed to the overall growth in the market.

At the time of writing, the valuation of the digital currencies worldwide had jumped by 7.6 per cent to US$ 1.05 trillion.

Bottom line

According to CoinMarketCap, the OOKI crypto trades on major cryptocurrency exchanges, including MEXC, Binance, and KuCoin. The token's total supply is 4.1 billion, and its circulating supply is 3.34 billion.

Investors must tread cautiously as the volatility continues and the risk element is high while investing in digital currencies. 

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