• Origin Protocol’s native token OGN rose 28% to above $0.12 as Bitcoin reached $29,328 ahead of the US Federal Reserve’s 25 basis point rate hike.
• The gains in OGN came on the back of increased interest in Ethereum liquid staking due to its Shapella upgrade.
• Origin Ether (OETH) is a leading platform for liquid staking and has seen its total value locked (TVL) surpass $84 million within two months of its debut in the market.
Origin Protocol Price Rallies Ahead of Fed Rate Hike
Origin Protocol’s native token OGN rose 28% to above $0.12 as Bitcoin price reached $29,328 across major exchanges ahead of Wednesday’s rate hike by the US Federal Reserve. Elsewhere, altcoins like Compound (COMP), Convex Finance (CVX) and Solana (SOL) also experienced gains as markets anticipated a 25 basis point increase in interest rates.
OGN Gains Driven by Liquid Staking Interest
The surge in OGN was driven by an increasing interest in Ethereum liquid staking following its Shapella upgrade. One of the leading platforms for this is Origin Ether (OETH), which offers a liquid staking yield aggregator that has seen its total value locked (TVL) exceed $84 million within two months since launch. This has enabled it to integrate with multiple DeFi dApps such as Lido, Rocket Pool, and Frax, further expanding access across wallets, DEXs, yield farms and analytics pages.
Altcoin Performance Mixed amid Volatility
Apart from OGN’s impressive performance, altcoin prices have been mixed over the past 24 hours as markets await more clarity on the impact of Wednesday’s Fed rate hike on crypto assets. While some tokens remain range-bound without any particular direction, others have managed to record significant gains or losses based on their underlying fundamentals and development activities surrounding them.
Could Further Gains Follow?
With investors closely monitoring how BTC reacts during Wednesday’s Fed announcement, further upside may be limited for most cryptos until after the event passes with minimal turbulence or significant losses — both possibilities are still open at this stage given recent volatility levels around BTC and other top coins like ETH and XRP. However, should bulls manage to hold onto current levels post-event then it could pave way for higher highs for many altcoins including OGN if its fundamentals continue being supportive for growth over time — something investors should remain aware off when making their decisions moving forward.
Overall, Origin Protocol’s native token OGN saw significant gains today backed by increased interest around Ethereum liquid staking due to its Shapella upgrade and integration with multiple DAPPs across wallets and DEXs offering users access to yields farms and analytics pages.. However, whether these gains will hold up once markets react to Wednesday’s Fed rate hike remains uncertain at this stage given current volatility levels around BTC and other top coins like ETH and XRP