Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
Home»ALTCOIN NEWS»Why this altcoin rose 80% in 24 hours
ALTCOIN NEWS

Why this altcoin rose 80% in 24 hours

By Crypto FlexsDecember 10, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Why this altcoin rose 80% in 24 hours
Share
Facebook Twitter LinkedIn Pinterest Email

The bullish sentiment prevalent in the cryptocurrency market is having a significant impact on almost all digital assets. Lesser-known cryptocurrencies such as OKT, the native token of the layer-1 blockchain network OKT Chain (OKTC), have surged 80% in the past 24 hours.

The price of OKT rose from $14.7 to a nine-month high of $30, according to data from BeInCrypto. However, its value has recovered to $25 as of press time.

Why has OKT price soared?

The notable surge in OKT price can be attributed to the increased interest resulting from the first imprint issuance event held on the OKT chain.

Inscriptions in layer 1 blockchain networks, such as the OKT chain, work by storing metadata within the call data of blockchain transactions. These inscriptions are similar to Bitcoin ordinals in that they essentially create non-fungible tokens (NFTs) based on smart contracts.

Transactions on the OKT chain surged more than 18,000% over the past week, reaching 7.2 million on December 8, according to on-chain data.

OKTC daily trading. Source: OKLink

However, the increase in network activity has also led to severe network congestion on lesser-known blockchain networks. As of press time, there are approximately 100,000 pending transactions. OKX Web3 wallet was also shut down due to increased traffic on OKT Chain.

Moreover, during this surge in transactions, the average transaction fee on the network soared to 0.00074 OKT.

Read more: 7 cryptocurrencies you need in your portfolio before the next bull market

OKTC transaction fee
OKTC average transaction fees. Source: OKLink

OKT Chain is an Ethereum Virtual Machine (EVM) and Inter-Blockchain Communication Protocol (IBC) layer 1 network built on Cosmos and supported by cryptocurrency exchange OKX.

Increased adoption of inscriptions

Meanwhile, Inscription is pushing transactions on multiple EVM-compatible blockchains, including TON, Near Protocol, and Polygon, to unprecedented highs. For context, Epitaph accounted for over 50% of all transactions on Polygon, Avalanche, and BNB Chain last week.

However, it has received criticism from several community members who point out network congestion and the resulting increase in transaction fees.

Read more: Top 10 Cryptocurrencies to Invest in December 2023

inscription deal
Inscription deal. Source: Sand Analysis

Venture capital firm Dragonfly said gas fees for inscription deals peaked at more than $800,000 two weeks ago. However, the transactions consistently resulted in fees exceeding $500,000.

“Inscriptions can skew fundamental metrics such as number of transactions. Inscriptions go against every EVM design decision. Gas costs are the only benefit, at the expense of indexing, incompatibility, and integration issues,” Hildobby said.

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Keepsolid launches KS COIN: Loyalty encryption through actual utility token benefits

August 14, 2025

XRP struggles for $ 3: Do Whale Offroads attract it lower?

August 7, 2025

Tethers we target the Stablecoin market and quote the path of genius behavior.

July 31, 2025
Add A Comment

Comments are closed.

Recent Posts

Builders, Investors, And Developers Meet Again To Shape The Web Space

August 23, 2025

Bitcoin News Today: Ether (ETH) is 5K $ 5K and BTC Eyes is recorded as Powell Sparks Rally. DAT transaction risk: Be careful with asset managers

August 23, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

Ether ETF is a comeback of $ 280 million, with bitcoin leaked stripes hit on the 5th.

August 22, 2025

Will Cardano (ADA) step back and push the bear back low?

August 22, 2025

Partner relationship with SBI HOLDINGS to distribute RLUSD Stablecoin

August 22, 2025

MetaWin Announces “MetaWin Create” – Free AI Tools For All MetaWinners NFT Holders

August 22, 2025

A new era of encryption? A Doj official says that a developer with a good intention is not a goal.

August 22, 2025

ESCAPE Presale Live On Ethereum With $280K Raised, Hacken Audited And SolidProof KYC Verified

August 21, 2025

WhalePlay Beta Launch: Next-Level Social IGaming Platform

August 21, 2025

Hyra Network Wins Prestigious Chairman’s Award 2025 At WITSA Global AI Summit

August 21, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Builders, Investors, And Developers Meet Again To Shape The Web Space

August 23, 2025

Bitcoin News Today: Ether (ETH) is 5K $ 5K and BTC Eyes is recorded as Powell Sparks Rally. DAT transaction risk: Be careful with asset managers

August 23, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025
Most Popular

Polygon (MATIC) Plunges Below $0.50 Amid Market-Wide Downturn: Can It Rebound?

August 28, 2024

Solana Devnet Shutdown – Why SOL’s 11% Rise Could Stop

April 19, 2024

Its Important To Know What’s Really Going On?

June 29, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.