NFT and Decentralized Finance Altcoin Explodes Nearly 100% in Days Following Hints of Airdrop

An altcoin that aims to bring decentralized finance (DeFi) and non-fungible tokens (NFTs) to the masses is in the midst of a huge rally despite stagnation in the crypto markets.

Built on the Ethereum blockchain, Origin Protocol (OGN) is an ecosystem that focuses on NFTs, DeFi, and has its own stablecoin.

Its Origin Story feature allows users to create their own decentralized NFT marketplaces with custom preferences. Origin Token (OGN), the project’s native asset, can be used to own a stake in the ecosystem. Yields are automatically converted into Origin Dollar (OUSD), a stablecoin that users can accrue in their own wallet without needing to stake or lock up their coins.

Last week, the project launched a governance proposal to decide on whether or not to issue a new token for OUSD, which would then be airdropped to OGN holders.

Important governance proposal for all $OGN holders:

Should we launch a new governance token for $OUSD with a 1:1 airdrop to all $OGN holders?https://t.co/d80l6Kh2qf

— Origin Protocol (@OriginProtocol) March 10, 2022

Three days later, OGN skyrocketed, doubling in price within two days. Starting at the $0.26 mark on the 13th, OGN hit a local high of $0.52 earlier today.

At time of writing, OGN is trading for $0.47, holding on to most of its gains. However, the altcoin remains down over 85% from its all-time high of $3.35 set in April 2021.

While OGN has been surging, leading crypto assets Bitcoin (BTC) and Ethereum (ETH) have mostly traded flat, up 2% and 3% in the last seven days respectively.

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Featured Image: Shutterstock/Sergey Nivens/Vladimir Sazonov