OKT Chain (OKT), the native token of OKT Chain powered by cryptocurrency exchange OKX, has seen a massive increase in price and demand in the last 24 hours.
The token is up more than 80%, moving away from its all-time low hit two months ago and trading 164% higher than that, according to CoinMarketCap.
According to estimates, the reason for this rise was the start of the first inscription activity on OKT Chain, a Cosmos-based layer-1 blockchain network. The concept of Inscription refers to adding some text, images or videos to tokens on the blockchain. This word, which means inscription, can be roughly defined as leaving some messages on the blockchain.
Recently, there was a similar major congestion in the Bitcoin network due to inscriptions. Strict Bitcoin supporters argue that this feature is actually a bug and should be fixed for the security of the network.
In the OKT example, users pay fees in OKT altcoin to generate inscriptions on OKT Chain.
Inscripton minting activity attracted a large number of users and transactions, causing network congestion and the accumulation of over 170,000 unconfirmed transactions on OKT Chain as of December 10, 2023. OKX Web3 wallet, the official wallet of OKT Chain, also experienced an outage due to heavy traffic and is currently undergoing maintenance.
At the time of writing this article, OXT price is trading at $26.54 after an 80% increase in the last 24 hours.
*This is not investment advice.
