After an underwhelming performance in the second half of July, the OKX exchanged-issued OKB token price entered August with a bang. Can the bulls capitalize on the recent wave of positive media spotlight to hit a new all-time high?

Over the past week, the OKB token has climbed up the crypto top gainers’ chart with a 14% price rally. On-chain data analysis examines the likelihood of the OKX exchange native token reaching a new all-time high. 

Why is OKB Price Rising? 

OKB token began to rally around August 4 after OKX exchange’s investment arm announced a $1 million Series A stake in Moonbox, a Hong Kong-based AI/Web 3 startup. 

On August 7, the team issued another well-received statement confirming that OKX would headline the next TOKEN 2049 blockchain conference. Within 24 hours of the announcement, the native OKB token witnessed a significant spike in new users. 

How did these factors propel OKB to a 14% price upswing, and can holders expect a new all-time high in the coming days? 

OKB Has Witnessed a Significant Increase in New Users

On-chain data suggests that the recent positive media updates have attracted new users to the OKB ecosystem. According to Santiment, OKB had a low Network Growth score of 3 on August 2.

But following the Token 2049 sponsorship announcement on August 7, OKB Network Growth has now increased by 630% to reach a score of 22.

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Author: Ibrahim Ajibade

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