- Origin Protocol’s OETH total value locked hits over $83 million.
- The network introduced a new incentive feature to attract more users.
Origin Protocol Token (OGN) price has done well this week as demand for the liquid staking protocol rose. The token initially soared to a high of $0.1498 and then erased most of those gains. It then rebounded on Thursday to $0.1245, giving it a market cap of over $58 million.
Why is OGN rising?
Origin Protocol is a blockchain protocol in the decentralized finance (DeFi) and non-fungible token (NFT) industry. Its DeFi product is known as Origin Ether and is a liquid staking product that enables people to make money by just holding Ether token.
Origin Ether has grown rapidly in the past few months and now has Ethereum coins worth over $85 million. Its trailing 30-day APY was 7.52%. This product is competing with the likes of Lido Finance and Rocketpool.
Origin dollar, on the other hand, is a self-custodial, yield-generating stablecoin that is 100% redeemable for Dai, Tether, and USD Coin. It had a 4.06% APY in the past 30 days. Finally, Origin Story is an NFT platform that makes it possible for people to mint and trade non-fungible tokens.
Origin Protocol has two cryptocurrencies. Origin Token holders earn a return from the NFT platform fee while Origin Governance Token (OGV) stakers earn money from the DeFi protocol fees. OGV is small token that has a market cap of over $5.7 million.
The main reason why the OGN price is rising is that the developers introduced a feature known as Origin Points. The loyalty program is designed to reward users of the network, including engagements in social media. For example, any mention, like, and share of Origin will earn users points, which they can redeem. These rewards will come from fees that the ecosystem makes.
OGN price is also rising because of the growing market share of Origin’s staking products.
Origin Token price prediction
The four-hour chart shows that the OGN price saw some volatility recently as it surged to a multi-month high of $0.1498. It then dropped to $0.0864 and then bounced back. The coin remains above the 50-period moving average.
Most importantly, it seems like the token has formed a double-top pattern whose neckline was at $0.086. A double-top pattern is usually a bearish sign. The volume has become relatively higher in the past few weeks.
Therefore, there is a likelihood that the Origin Token price rally will be short-lived. If this happens, the next support level to watch will be at $0.086, which is about 14% below the current level.
