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Highlights
- The OGN crypto caught investors' attention after the network released a statement on Twitter.
- The price of Origin Protocol (OGN) crypto rose as high as 70% on Tuesday, May 31.
- There were around 388.6 million OGN tokens in circulation at the time of writing.
The price of Origin Protocol (OGN) crypto rose as high as 70% on Tuesday, May 31, and clocked a 24-hour high of US$ 0.3882 per token. Meanwhile, during the early morning hours of June 1, the OGN crypto dipped, but it was still up by 20% and trading at US$ 0.3177 per token.
Also Read: Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?
The market capitalization of the OGN crypto had increased to around US$ 123.5 million after soaring 20 per cent over the previous day, and 24-hour volume climbed 225 per cent to US$ 410.7 million.
The decline in the price of the OGN crypto could be due to an overall dip in the market. The worldwide crypto market valuation was down by 0.83% to US$ 1.3 trillion as of writing this article.
What is Origin Protocol (OGN)?
It is a Web3 protocol which aims to make non-fungible tokens (NFTs) and decentralized finance (DeFi) more accessible to everyone.
After years of developing consumer-friendly blockchain technologies, the Origin team realized that decentralized commerce might meet demands that centralized solutions could not. This can take the form of NFTs as digital collectables or for financial purposes.
Josh Fraser and Matthew Liu founded Origin Protocol. Origin Protocol aspires to develop user-friendly applications based on cryptocurrencies. The network believes that such applications can allow decentralized applications to compete with traditional financial services providers.
DeFi is still complex for regular users, according to Origin Protocol. As a result, even crypto-savvy people choose credit cards and mobile payments since they are more convenient.
Why is OGN crypto rising?
The OGN crypto caught investors' attention after the network released a statement on Twitter that said Origin Protocol is stepping up its efforts to launch Origin Dollar Governance (OGV) token.
The network said that the OGV crypto would act as the future governance token. Origin Protocol said it took this decision as its community has been confused by OGN representing both DeFi (OUSD) and NFT (Story) products, which has prevented OGN from attaining its full potential.
Origin Protocol believes that having different tokens with clear utility and value accrual methods will benefit its current and future token holders.
Bottom line
There were around 388.6 million OGN tokens in circulation at the time of writing. Meanwhile, the total and maximum supply of the OGN crypto is one billion tokens.
Despite the rise in the price of the OGN crypto, investors should stay alert and research before buying any virtual currency.
Also Read: Canada's Newton crypto exchange hacked? Find out more here
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