The dominating bullish belief in the crypto market is considerably affecting almost all digital properties. Lesser-known cryptocurrencies like OKT, the native token for the layer-1 blockchain network OKT Chain (OKTC), rose by 80% over the previous 24 hours.
Information from BeInCrypto reveals that OKT’s cost went from $14.7 to a 9-month high of $30. Its worth has actually backtracked to $25 as of press time.
Why Did OKT’s Price Skyrocket?
The exceptional rise in OKT’s cost can be credited to increased interest from the inaugural inscription-minting occasion hosted on the OKT Chain.
Engravings on layer-1 blockchain networks like OKT Chain run by keeping metadata within the call information of a blockchain deal. These engravings resemble Bitcoin Ordinals as they basically produce non-fungible tokens (NFTs) based upon wise agreements.
On-chain information reveals that deals on the OKT Chain skyrocketed by more than 18,000% throughout the previous week to as high as 7.2 million on December 8.
OKTC Daily Transactions. Source: OKLink
The increased network activity likewise resulted in substantial network blockage for the obscure blockchain network. There are around 100,000 pending deals since press time. The OKX Web3 wallet likewise suffered a failure due to the increased traffic from OKT Chain.
