The prevailing bullish sentiment in the crypto market is substantially impacting nearly all digital assets. Lesser-known cryptocurrencies like OKT, the native token for the layer-1 blockchain network OKT Chain (OKTC), surged by 80% over the past 24 hours.
Data from BeInCrypto shows that OKT’s price went from $14.7 to a 9-month high of $30. However, its value has retraced to $25 as of press time.
Why Did OKT’s Price Skyrocket?
The remarkable surge in OKT’s price can be attributed to heightened interest from the inaugural inscription-minting event hosted on the OKT Chain.
Inscriptions on layer-1 blockchain networks like OKT Chain operate by storing metadata within the call data of a blockchain transaction. These inscriptions are similar to Bitcoin Ordinals as they essentially create non-fungible tokens (NFTs) based on smart contracts.
On-chain data shows that transactions on the OKT Chain soared by more than 18,000% during the past week to as high as 7.2 million on December 8.
However, the incre
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Author: Oluwapelumi Adejumo
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