Why is Origin Protocol (OGN) crypto rallying?

May 31, 2022 10:03 AM PDT | By Rupam Roy

Why is Origin Protocol (OGN) crypto rallying? — Image source: © Alexanderushkevich | M

What is Origin Protocol (OGN) crypto and why is it rallying?

Origin Protocol is a web3 protocol for NFTs and decentralized finance (DeFi).

The project team claims that its decentralized platform and user-friendly products can fulfill requirements that centralized alternatives can’t.

It aims to build user-friendly crypto apps to enable DApps to compete with centralized alternatives. However, it believes that DeFi is a complex field for average users; hence, they should choose options like credit cards and mobile payments for convenience.

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The project was launched by Matthew Liu and Josh Fraser. OGN is the native utility token of the network. This ERC-20 token acts as a governance and value accrual token for the platform. It can be traded on Binance, Hotcoin Global, BingX, etc.

Meanwhile, the OGN price rally follows its listing on the crypto exchange, Kraken. Additionally, it said that its dollar-pegged stablecoin, OUSD, has been gaining strength with the de-pegging of USDT. It added that the Origin Dollar Governance (OGV) token is on track to hit milestones.

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On Tuesday, it reiterated that its OGV token would be the future governance and value accrual token for its stablecoin Origin Dollar (OUSD).

As the OGN token represents both DeFi and NFT products of the network, it can confuse users, and the limited OGN supply may impede it from reaching its full potential.

It further noted that separate tokens with clear utilities and value accrual mechanisms for individual products could help improve its operations.

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Data Source: CoinMarketCap.com

Bottom line:

The OGN token was priced at US$0.3628 at 11:47 am ET on May 31, up 67.93%, while its volume for the last 24 hours rocketed 491.77% to US$261.38 million. It has a market cap of US$140.98 million, and its fully diluted market cap is over US$362.84 million.

The token has a maximum and total supply of 1 billion, and its current circulating supply is over 388.57 million. It returned gains of 60.21% in the last seven days. The token saw the highest price of US$0.4864 and the lowest price of US$0.1527 in the last 30 days.

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