While this month, the more socially popular coins like Dogecoin, Solana, and Shiba Inu failed to woo investors’ interest, a rather less famous altcoin, Origin Protocol, managed to do it.
Origin origins another rally
Origin Protocol, the stablecoin protocol, shot up by 209% during the March rally and rose by 48.75% this week. It stood as one of the best performers.
Origin Protocol price action | Source: TradingView – AMBCrypto
Now, the reason behind this sudden jump was the growth of Origin’s ecosystem. Firstly the protocol, in collaboration with Praise Pals, launched an 8,888 unique characters’ NFT collection, which will be sold on the protocol’s NFT marketplace.
Secondly, Gate.io, the sixth biggest exchange in the world, listed Origin’s stablecoin OUSD last week. Thus, ticking the boxes on all social levels, Origin guaranteed a rise for itself.
This has kept the OGN holders active throughout April, even though market conditions do not necessarily warrant such bullishness from them. Daily transaction volumes, which used to average at $4-$8 million, have been ranging between $10 million and $25 million, marking a 275% increase over the month.
Origin Protocol transaction volume | Source: Intotheblock – AMBCrypto
However, investors have been showing mixed reactions throughout the rally to date with instances of selling and buying taking charge consecutively. Even at the moment, buying and selling orders are equally high at different prices, with over one million OGN looking to be sold at the local top of $0.85.
Origin Protocol buy and sell orders | Source: Intotheblock – AMBCrypto
Regardless of the buying and selling, investors certainly aren’t exiting the market. According to the average balance on every address, the fluctuations noticed on the indicator are simply imitating the price fluctuations, which confirms that neither the investors are entering the market out of FOMO nor are they exiting due to panic.
Origin Protocol investors’ average balance | Source: Intotheblock – AMBCrypto
If the price action maintains a stable movement going forward but preferably in an inclination, the selling could see some decline, and buying would be the go-to option for investors.
